Monetary Authority of Maldives (MMA) Reports Growth Across Key Sectors in First Quarter

The Monetary Authority of Maldives (MMA) has released its quarterly business survey report, revealing positive growth trends across major industries in the country's economy for the first quarter of this year.

The comprehensive report, a staple released every three months by the MMA, provides insights into the current economic landscape and forecasts anticipated changes for the upcoming quarter. Compiled through consultations with leading businesses operating in pivotal sectors such as tourism, construction, transport and communication services, as well as wholesale and retail industries, the report serves as a vital barometer for economic health.

According to the latest findings, all major sectors of the Maldivian economy experienced growth during the first quarter. Notably, aside from wholesale and retail, job creation surged across all sectors, signaling robust economic activity.

However, the pace of growth within the tourism industry was more subdued compared to other sectors. The tourism revenue index saw a decline from 80 to 63, accompanied by a notable drop in resort bookings from 63 percent to 26 percent. This dip in performance coincided with the conclusion of the high tourist season in Maldives by the end of the first quarter. Respondents from tourism-related businesses participating in the survey expressed expectations of a further downturn in tourism activity for the current quarter.

Similarly, transportation and communications companies anticipate a contraction in business during the second quarter of this year. However, in contrast, entities operating in the construction industry, as well as wholesale and retail trade, are optimistic about continued growth in the coming quarter.

The MMA's Quarterly Business Survey report serves as a crucial tool for policymakers, businesses, and investors, offering valuable insights into the evolving economic landscape of Maldives and aiding informed decision-making strategies moving forward.