Date: November 1, 2023
The Maldives Monetary Authority (MMA) recently released its Quarterly Business Survey for the Third Quarter of 2023, providing insights into the economic trends and expectations in various sectors. The survey, conducted from September 25 to October 12, 2023, involved senior managers and top management of businesses across key sectors, including tourism, construction, wholesale and retail trade, and transport and communication.
Here are the highlights of the report:
Tourism Sector: The tourism sector, despite a slow decline in activity, showed signs of improvement during Q3-2023. Key indicators, such as total revenue and resort bookings, saw less negative figures, reflecting a positive outlook for the coming quarter. Employment levels in the sector also increased, and businesses anticipate a robust performance in the upcoming season. While prices continued to decline, there were slight upward price pressures, mainly due to increased input costs. The financial situation of companies in the tourism sector remained challenging but is expected to improve in the next quarter.
Construction Sector: The construction sector reported continued expansion in Q3-2023, albeit at a slower pace. The volume of construction activity and orders received remained positive, indicating sustained growth. Employment levels increased, but businesses anticipate moderation in this regard in the next quarter. Prices are expected to remain elevated in Q4-2023, and businesses anticipate capital spending to be unchanged. Overall, companies in the construction sector foresee a slightly less optimistic outlook for the future.
Wholesale and Retail Trade: The wholesale and retail trade sector experienced continued expansion in Q3-2023, with positive indicators for volume of sales and orders placed with suppliers. Employment levels increased, but wages and labor costs per employee declined. Prices in the sector experienced upward pressure, particularly in terms of the cost of sales. The financial situation of companies turned negative, and the overall business situation became less positive. Expectations for the future in the wholesale and retail sector have become slightly less optimistic, with a slowdown in key indicators for the next quarter.
Transport and Communication Sector: The transport and communication sector saw a robust performance in Q3-2023, with notable increases in total revenue and demand. Employment levels remained high, and price pressures were subdued. While the financial situation of companies in the sector deteriorated, the overall business situation improved. Businesses in this sector remain optimistic about future business activity and expect growth in revenue and employment. However, the financial situation of the company is expected to remain challenging.
In summary, the MMA's Quarterly Business Survey for Q3-2023 highlights a mixed economic landscape in the Maldives. While certain sectors, such as tourism and construction, show signs of recovery and optimism, others, like wholesale and retail trade, have become more cautious in their outlook. The transport and communication sector demonstrated strong performance in the recent quarter. Businesses across the Maldives will be closely monitoring these trends as they navigate the economic landscape in the coming months.
Download Quarterly Business Survey Vol.11; Issue.3 Third Quarter 2023
Download Monthly Statistics Vol.24; No.10 October 2023
Download Monthly Payments Bulletin
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