Maldives Monetary Authority (MMA) has revealed businesses in all sectors apart from the construction sector recorded progress during the first quarter of this year.
In the latest Quarterly Business Survey, MMA stated that the financial situation of the businesses improved for all the sectors, except for the construction sector, where the index for the financial situation of the company continued to remain below zero during the first quarter of this year. It stated that businesses in the construction sector and the wholesale and retail trade sector expect their financial situation to improve in the second quarter. However, businesses in the tourism sector and the transport and communication sector expect their financial situation to worsen in the second quarter, with the former registering a significant decline.
Additionally, MMA stated that employment levels increased significantly in the first quarter for businesses in the wholesale and retail trade sector and the construction sector, while there was a moderation in the pace of hiring growth for businesses in the tourism sector and the transport and communication sector.
The Quarterly Business Survey is carried out by MMA with the aim of obtaining a quick assessment of current business trends and expected future economic activity. The respondents of the business survey are senior managers or top management of businesses in the sectors of tourism, construction, wholesale, retail, transport, and communication. The questions cover the views of the senior management, for the past quarter and expectations for the next quarter, on the direction of change in various business variables such as sales, output, prices, capacity utilisation, and employment which are useful for analysing and predicting economic activity.