Maldives Economic Sectors Show Growth, Says MMA

The Maldives Monetary Authority (MMA) has disclosed that the quarterly reports from key economic sectors indicate a notable increase in activity. 

This announcement follows the regular Quarterly Business Survey conducted every three months. The report offers insights into the current status of various industries, alongside projections for future developments.

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According to the survey findings, employment levels across most sectors experienced growth, with the exception of the wholesale and retail trade sector.

Furthermore, the report highlighted a deceleration in the expansion rate of the tourism sector compared to previous periods. Consequently, the revenue index for tourism saw a significant decline from 80 to 63. Resort bookings also experienced a notable decrease, falling from 63 to 26. 

With the conclusion of the peak tourism season in the Maldives, businesses in the sector anticipate a reduction in tourist arrivals during the ongoing quarter. Additionally, companies in transportation and communication services foresee a slowdown in business activity for the same period.

However, enterprises operating within the construction industry and the wholesale and retail trade sector remain optimistic about future business prospects and expansion opportunities.

The Quarterly Business Survey, conducted quarterly since 2013, serves the purpose of assessing ongoing activities and projecting future trends across industries. MMA has expressed confidence that the insights gleaned from this initiative will aid in informing decision-making processes and policy formulation.