Maldives economy contracts 12.3% in Q2 2026

The Maldivian economy experienced a 12.3 percent quarter-on-quarter contraction in the second quarter of 2026, according to the latest Quarterly National Accounts from the Maldives Bureau of Statistics (MBS). Real Gross Domestic Product (GDP) fell to MVR 25.1 billion, a decrease of MVR 3.5 billion from the previous quarter.

The downturn was primarily driven by significant declines in the tourism and fisheries sectors. The accommodation and food services sector, a central pillar of the economy, saw a 34.1 percent sequential contraction due to a sharp drop in tourist bed-nights. Additionally, the fisheries sector recorded a 50.8 percent year-on-year decline in gross value added.

While the economy faced these headwinds, certain sectors showed growth. Construction expanded by 33.7 percent annually, and financial services grew by 21.7 percent year-on-year. On an annual basis, the economy remained relatively stable, showing a marginal growth of 0.03 percent compared to the same period in 2025.