Maldives Monetary Authority (MMA) has revealed that the quarterly reports of all the major economic industries reported expansion in activity. The statement was released by MMA following the Quarterly Business Survey held every three months. The report sheds light on the current stance of the respective industries, while outlining the anticipated changes it may face.
According to the Quarterly Business Survey, the employment levels rose for businesses in all the sectors except for the wholesale and retail trade sector.
The report further indicated the slow pace for the expansion of the tourism sector compared to previously. As such, the revenue index of tourism dropped significantly from 80 to 63. Resort booking have additionally reduced from 63 to 26. While the tourism peak season of the Maldives has come to an end, companies within the industry anticipate lower tourist arrivals in the ongoing quarter. Additionally, transportation and communication services companies have also reported expected slowdown of businesses within this quarter.
Nonetheless, enterprises operating in the construction industry and the wholesale and retail trade sector maintain a positive outlook towards future business prospects and expansion.
The Quarterly Business Survey conducted four times annually since 2013, aims to determine the ongoing activities and anticipated changes for the industries. MMA expressed confidence that this initiative will assist in making decisions and policies as well.