The activities by the construction industry have decreased to 61% in the second quarter (Q2) of 2020. The quarterly business survey of the Maldives Monetary Authority (MMA) reveals that this is a 76% decrease compared to the first quarter (Q1) of 2020.
The global pandemic has affected almost all the industries of the economy. MMA prepared its quarterly business survey report with careful consideration of perspectives from the industry experts.
This survey states that the construction industry has faced a lot of challenges in Q2 when compared with Q1. While the activities carried out by the construction industry was at 15% during Q1, this amount has decreased by 76% during Q2 of 2020. The report claims that this decrease marks the biggest challenge faced by the construction industry as a whole.
According to the survey report, businesses in the construction industry has also decreased to a huge extent. When compared to the first quarter of 2020, the second quarter reflects a 66% decrease in construction-related businesses. While the amount of construction projects awarded has decreased in Q2, numerous workers from the industry have lost their jobs due to pandemic. A total of 45% of employees have lost their jobs in Q2.
Industry experts suggest that the statistics for Q3 of 2020 will show an improvement given the resumption of work and eases to lockdown. 45% of the people who participated in the survey suggested that businesses will improve in Q3 while 26% of the people suggested the industry will experience a further downfall.