NewsSeptember 12, 2023

Maldives Tourism Sector Thrives in Q2 Despite Off-Peak Season with USD 883.4 Million in Revenue

The Maldives Monetary Authority (MMA) has revealed that the country’s tourism sector has generated USD 883.4 million (MVR 13.62 billion) in revenue during the second quarter of 2023. Despite entering the off-peak season, tourism from China has surged, with Chinese tourist arrivals increasing by 42,987 compared to the previous year. Russian arrivals also contributed to this growth, rising by 48% in the same period.

Despite a decline in arrivals from India and the European market, the total number of tourist arrivals for Q2-2023 reached 405,679, marking a 6% increase compared to the same quarter in 2022. This surge in arrivals led to a 6% increase in estimated travel receipts, totaling USD 835.6 million. Europe remains the dominant source region, accounting for 49% of arrivals, followed by Asia and the Pacific region at 38%. The market share of the United Kingdom decreased, while Russia’s share continued to rise.


International flight movements increased slightly, with new carriers entering the market, and the operational bed capacity in the industry saw a 7% increase. However, the occupancy rate dropped to 51%, reflecting the start of the off-peak season. Globally, tourism is recovering, with international tourist arrivals up by 86% in Q1-2023 compared to the same period in 2022, reaching 80% of pre-pandemic levels. Europe and the Middle East played a significant role in this recovery, driven by strong air connectivity and pent-up demand, suggesting a promising outlook for the upcoming summer season.