Growth Observed in Major Economic Industries During 1Q2024

All major sectors of the economy demonstrated growth in the first quarter of this year, according to the quarterly business survey report released by the Monetary Authority of Maldives (MMA).

The report, released every three months, is prepared through interviews and data aggregation from prominent players in four pivotal economic domains: tourism, construction, transportation and communication services, wholesale and retail.

- Advertisement -

Except for wholesale and retail sectors, the report finds that all other sectors witnessed a surge in job creation during the first quarter.

Despite the positive momentum, the tourism industry experienced a moderate growth trajectory. The tourism revenue index declined from 80 to 63, paralleled by a dip in the resort booking index from 63 to 26.

The end of Maldives’ high tourism season also coincided with the end of the first quarter; thus, the sector expects to face an imminent downturn during the ongoing quarter. Similarly, transportation and communications companies foresaw a deceleration in activity during the second quarter.

Conversely, businesses within the construction, wholesale, and retail trade sectors remain buoyant, projecting a surge in performance during the second quarter of this fiscal year.

- Advertisement -