According to National Bureau of Statistics the 2020 first quarter real Quarterly Gross Domestic Product (QGDP) at market prices is at MVR18,602 million.
Statistics reveal that the QGDP growth was at -5.9 percent for the review quarter which marks the first time in three years that it has entered negative territory.
As per records the Quarterly Gross Domestic Product was stable at 8.7 percent during the final quarter of the previous year, which shows a steep decline of -6.4 percent by review quarter.
Moreover the National Bureau of Statistics further notes in their report that this visible decline is primarily reflected by the negative contribution to growth from the country's major economic sectors.
Tourism industry, which capsulates the largest economic growth component saw a decline by -2.7 percent by review quarter, owing to the Covid-19 global pandemic which stalled the entire industry.
This was resultant due to the government's decision to completely restrict international travels and close its borders. On 27 March, Maldives government temporarily ceased on-arrival tourist visas.
The industry witnessed nil tourist movement during the second quarter due to the existence of border closure which remained effective until 15 July 2020.
Additionally, other primary economic sectors such as construction saw a decline by -1.4 percent and wholesale and retail trade sector facing a blow by -1.0 percent.
