The Maldives Monetary Authority (MMA) has announced that three major sectors of the Maldivian economy expanded in the first quarter of 2021.
The MMA conducts the Quarterly Economic Survey to provide a fast assessment of current business patterns and projected future economic activity.
According to the MMA’s Quarterly Economic Survey, businesses in the scope of the survey, such as tourism, construction, wholesale and retail trade, transportation, and communication, grew in the first quarter. In addition to this, employment levels in the tourism, wholesale, and retail trade sectors increased.
However, employment levels in the transportation and communication sectors, as well as the construction industry, have continued to fall.
The survey also revealed that after the peak season of the tourism industry, tourism-related businesses were wary about future operations, as evidenced by a sharp drop in projected overall revenue and resort bookings indices in the first quarter.
Though businesses in the construction sector expressed increased faith in the level of activity and orders received in the coming quarter. Companies in the wholesale and retail trade markets, on the other hand, were less positive about potential market activity in the second quarter.
According to the survey, selling prices in the construction, wholesale, and retail trade are expected to rise further, while prices paid on average in tourism, transportation, and communication are expected to fall in the second quarter.