According to the latest updates of Maldives Monetary Authority (MMA) the developments of the island nation’s construction sector remained mixed in Q2-2021.
Moreover, the central bank of Maldives reported that the construction related imports observed an increment by 9% during the second quarter; which translates to USD6.2 million.
Furthermore, the commercial bank credit to the construction sector had registered an annual growth of 10% by the end of the review quarter; owing to the growth in credit extended to residential housing projects and new resort developments.
On the other hand, notable increments were observed for credit extended for the renovation of resorts as well as real estate projects.
However, the overall activity of the construction sector contracted during the second quarter while the volume of construction activity index turned negative; declining by 43 points to hit -23 points.