According to Maldives Monetary Authority (MMA) businesses in major economic sectors reported contraction in activities during the second quarter of 2021.
Moreover, the Maldives central bank reported noting slight improvement of business activities in wholesale and retail trade sector; as the only exception whereas all the other major sectors namely tourism, transportation, communication and construction industries all reported decline in activities.
Furthermore, noting on the employment levels in the country MMA noted a positive yet modest improvement in tourism and wholesale and retail trade sectors.
However, employment levels worsened for construction sector while transportation and communication sectors did not fare well in terms of employment levels.
Meanwhile with the end of the off-peak season businesses in the tourism sector remain hopeful for future activity reflected from a significant boost in expected total revenue as well as an uptick in resort bookings index.
On the other hand, businesses in the construction sector indicated weakening of construction activities for the follow-up quarter.
Businesses in the wholesale and retail trade sector remain optimistic for the third quarter in light of lesser Covid-19 restrictions and the subsequent increase of public movement.