Saturday
20th Apr 2024
Dhivehi Edition
Local market of Male'. Photo: TMJ
According to Maldives Monetary Authority (MMA), businesses in all sectors except retail and wholesale have dropped in the second yearly quarter.
MMA's Quarterly Business Report shows that in the second quarter of 2021, businesses in all sectors except retail and wholesale have reported a constriction, such as tourism, construction, transportation, and communications.
The report also mentioned that there were higher levels of employment in the tourism, retail and wholesale sectors. However, employment levels for communication, transportation, and construction dropped.
As the off-season for tourism is coming to a close, the report projects that businesses in the tourism sector will improve and earn increased revenue during the third quarter. The report also expects improvements in the wholesale and retail sectors but projects that businesses in the construction sector will face further constrictions.
MMA added that prices increased and are projected to continue increasing in all sectors except tourism, transportation, and communication.
The survey shows that the financial situation worsened for sectors apart from transport and communication, and finances are projected to be worse for tourism and constriction in the third yearly quarter. In contrast, the financial situation is expected to improve for businesses in transportation, communication, retail, and wholesale.
The report also noted that apart from retail and wholesale, all participating businesses faced tight credit conditions in the second quarter.