The Central Bank or Maldives Monetary Authority (MMA) has revealed its forecast that Real Gross Domestic Product (GDP) growth will be two percent lower compared to last year.
The review published by MMA once a month shows that the Real GDP growth for 2012 is at 5.5 percent compared to 7.5 percent of 2011.
Important industries such as the tourism industry is expected to fetch MVR6.5 billion, the construction industry is expected to fetch in MVR1.6 billion. Agriculture is expected to earn the country MVR373 million and the fisheries industry is expected to earn MVR242 million.
Previous estimation was that the Real GDP growth would amount to six percent. One of the reasons for this decline in Real GDP growth is the increase in national debt.
Statistics published by the Finance Ministry shows that at the beginning of this month total national expenditure amounted to MVR7.6 billion and the budget deficit for 2012 is over MVR2 million.