A survey carried out by Maldives National association for Construction Industry (MNACI) has indicated the construction industry has suffered a loss of USD 40 million over the past three months due to the COVID-19 pandemic.
As indicated in the Rapid Livelihood Assessment Report prepared by UNDP and Ministry of Economic Development, MNACI carried out the survey amongst 384 construction companies registered in the association. The survey indicated the companies had suffered a combined loss of USD 40 million over the past three months due to the COVID-19 pandemic.
The report states 2019 saw a slower pace in the construction industry as the larger national development projects were completed in the year 2018 and Public Sector Investment Programme (PSIP) projects scheduled to start in 2019 were delayed. The report added 2020 began with high prospects for the industry as many PSIP projects were budgeted for the year, before the COVID-19 pandemic halted most of the projects and incurred large losses to the industry.
The report stated USD 623.6 million worth of construction materials were imported in the year 2019, with most materials imported in February and September. According to statistical data, the construction sector employs between 5,000 to 7,000 Maldivians, while the number of expatriates range between 40,000 to 50,000.