Maldives 2007 Economic Growth Slows On Poor Tuna Catchff

The Maldives’ economy grew 6.6 percent in 2007, slowing sharply from 19.1 percent a year earlier due to a poor tuna catches but tourism is expected to lift growth to 9.5 percent this year.

Revenue from new multi-million dollar leases of resort islands in 2008 is seen more than compensating for the impact of a poor yellow fin tuna catch last year, officials said on Monday.

”Growth was down to 6.6 percent due to a poor fish catch. But growth is stabilizing,” said Ahamed Hameed, an executive director at the Maldivian Monetary Authority.

Officials cautioned that 19.1 percent growth in 2006 reflected a post-tsunami rebound after the Indian Ocean island cluster's $850 million economy contracted 4.6 percent in 2005.