Maldives economy slowed sharply in '07: central bank

Economic growth in the Maldives slowed to 6.6 percent in 2007, the islands' central bank said Monday as high oil prices and a drop in the fish catch impacted on the economy. Economic growth, down from a staggering 19 percent in 2006, was however better than the 5.5 percent expansion forecast by the International Monetary Fund. The Maldives Monetary Authority, the islands' central bank, also predicted the economy will surge by 9.5 percent in 2008, led by a booming tourism and construction industry.

Tourism, which accounts for about a third of an economy of just under a billion dollars, was forecast to reach 600,000 visitors in 2007 after already grown 13 percent to 553,900 visitors from the January to October period.

Source: AFP