New data from the Maldives Monetary Authority’s Monthly Statistics – October 2025 show a tourism-driven economy entering 2025 with firmer growth, moderating inflation and a still-elevated but manageable fiscal and debt profile. The latest figures confirm that travel demand remains the backbone of national income, while macroeconomic indicators are gradually normalising from the COVID-19 shock.
Tourism numbers underline the strength of the destination’s appeal. In the first nine months of 2025, the country welcomed about 1,636,000 visitors, up from roughly 1,492,000 in the same period of 2024, an increase of around 9.7% year-on-year. Over the same period, tourist bednights rose from about 856,800 to nearly 944,800, a gain of roughly 10.3%, reflecting both higher arrivals and sustained average length of stay. These flows were supported by broad-based growth across source markets and steady international flight operations through Velana International Airport and other gateways.
This tourism momentum feeds directly into the national growth outlook. In real terms, GDP expanded by 3.5% in 2024, following 4.9% in 2023 and double-digit post-pandemic rebounds of 13.8% in 2022 and 37.5% in 2021 after the sharp contraction in 2020. Projections in the October 2025 release point to real GDP growth of 5.4% in 2025 and 5.3% in 2026, signalling a return to a solid medium-term growth path led by tourism, construction, real estate and related services.
In nominal terms, GDP at market prices is estimated at around MVR 116.4 billion in 2024 and projected to climb to MVR 124.5 billion in 2025. On a per-person basis, nominal GDP is expected to rise from roughly USD 12,326 in 2024 to about USD 12,953 in 2025, up from just over USD 11,192 in 2023, underscoring a steady improvement in income levels as tourism earnings and associated activities expand.
Price dynamics are comparatively benign, an important signal for both travellers and investors monitoring cost trends. Nationwide consumer price inflation averaged around 3.4% in 2024, and monthly data for 2025 show headline inflation easing from 5.9% year-on-year in April to 3.9% in September. Food and beverages, housing and utilities, and transport remain key drivers, but the overall trend points to gradually softening price pressures, helping to stabilise input costs for hotels, resorts and service providers.
On the fiscal side, the statistics highlight how strongly government revenue is tied to the tourism ecosystem. Total revenue and grants rose from about MVR 29.0 billion in 2022 to roughly MVR 34.2 billion in 2023, with major contributions from tourism goods and services tax (TGST), general GST, import duties, resort lease rents, green tax and various business and income taxes.
At the same time, high capital and current spending, much of it related to infrastructure, public services and support measures, kept the overall fiscal deficit at around MVR 10.7 billion in 2023, or 10.5% of GDP, though this marked an improvement from the peak pandemic deficit of 23.7% of GDP in 2020.
Public debt indicators remain closely watched by international partners and rating agencies. The public and publicly guaranteed debt of the central government reached about MVR 144.95 billion by the end of 2024 and climbed to roughly MVR 148.96 billion by the second quarter of 2025, with domestic obligations around MVR 86.6 billion and external debt close to MVR 62.3 billion. This composition underscores the importance of both local financial markets and external concessional and commercial financing in supporting development and tourism-linked infrastructure.
Monetary and external sector data complement this picture of cautious but improving stability. Broad money and domestic credit continue to expand in line with growing economic activity, while official reserve assets stood at roughly USD 296.6 million in September 2025, compared with about USD 330.5 million in October 2024. Throughout this period, the exchange rate has remained stable at around MVR 15.42 per US dollar, providing predictability for resort operators, tour operators and travellers settling bills in foreign currency.
Taken together, the MMA’s October 2025 statistical release points to an economy where robust tourism arrivals, rising per-capita income and moderating inflation are gradually working through the fiscal and financial system. For foreign tourists, these numbers translate into a destination that continues to invest in high-quality infrastructure and services. For investors and travel partners, the data signal an environment where tourism remains the central growth engine, supported by a clear macroeconomic framework and ongoing efforts to strengthen public finances and safeguard external stability.
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