Maldives Monetary Authority (MMA) reports that the construction sector of the Maldives expanded during the third quarter of 2021.
Furthermore, the central bank affirms that import on construction related materials increased by 32% – a total of USD22.0 million) in annual terms during the review quarter.
On the other hand, commercial bank credit to the construction sector registered an annual growth of 7% by the end of Q3-2021, predominantly owing to the growth in credit extended to renovation of resorts and residential housing projects.
In addition to this, the commercial bank credit increased during the quarter due to new resort development projects commencing in Q3-2021.
Moreover, increases on credit extended to real estate housing projects and property development projects were observed during the review quarter.
Meanwhile the volume of construction activity index turned positive and increased by 34 points to reach 8 points – which previously were in negative territory.