Maldives economy grows 2.4% as port throughput reaches 14,525 TEUs

The Maldives economy grew by 2.4% in August 2026 compared to the previous year, according to the Maldives Bureau of Statistics. This growth was primarily driven by a 21.9% increase in financial services, alongside gains in construction (10.4%) and wholesale and retail trade (8.1%). While accommodation and food services remain the largest economic component at 23.1%, they saw a modest year-on-year increase of 0.7%.

In the maritime sector, Maldives Ports Limited (MPL) reported that the Malé Commercial Harbour handled 14,525 TEUs in September. The harbour cleared 178,197 freight tonnes of cargo, including significant shipments of essential food items such as eggs, bananas, tomatoes, onions, and potatoes.

To address current space constraints, the government is developing a new port at Thilafushi, which is targeted to open on November 11, 2027. The new facility is expected to have an initial annual capacity of 390,000 TEUs and aims to reduce vessel turnaround times from the current seven to 14 days down to approximately two days.