The Maldives Monetary Authority (MMA) has revealed that businesses in all major industries increased in the fourth quarter of 2022.
In the latest Quarterly Business Survey, MMA stated businesses in all the sectors in the survey reported an expansion in activity, with the tourism sector growing the most with the increase in the number of tourist arrivals to the Maldives and the increase in revenue generated from the industry. The authority stated that the increase in tourists in the fourth quarter of last year was due to the peak tourism season and will continue into the first quarter of 2023, boosting the economy’s main industries. However, the pace of progress is expected to slow down during the first quarter of the year.
Furthermore, MMA stated that businesses in the construction sector have increased at a slower pace than in other quarters. However, the industry is expected to grow rapidly in the first quarter of this year. In addition, businesses in the wholesale and retail trade sector increased the most in the fourth quarter of last year.
Meanwhile, the transportation and communications industry grew at a slower pace than in the third quarter of 2022, according to the report. Job opportunities in all these sectors also increased in the fourth quarter of last year and the financial position of companies saw a significant improvement, according to the survey.
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.