The Maldives Monetary Authority (MMA) has revealed that employment levels rose for businesses in the tourism sector in the fourth quarter of 2023.
In the latest Quarterly Business Survey, MMA stated that businesses in all sectors experienced growth in their activities. Notably, the tourism sector exhibited the most significant growth, attributed to an increase in tourist arrivals to the Maldives and a corresponding rise in industry revenue. The MMA attributes this boost to the peak tourism season, resulting in increased bookings and revenue from resorts.
The survey shows a notable increase in employment opportunities within the tourism sector during the fourth quarter. The employment index saw a substantial rise from 13 points to 60 points, reflecting a significant increase in job opportunities. In addition, salaries in the tourism sector witnessed an increase during this period.
The survey also shows that employment opportunities did not see a corresponding increase in the construction, transport, and communications sectors during the fourth quarter of 2023. The wholesale sector also experienced a decrease in employment opportunities during the same period.
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.