After registering significant decline in business activities in the tourism sector during second quarter 2022, activities are expected to bump up amid third quarter.
According to Maldives Monetary Authority (MMA), the seasonally unadjusted indices for both total revenue and resort bookings turned negative and fell to -100 and -92 respectively during the review quarter.
Total revenue index fell sharply by 200 points owing decline in business activities. Resort bookings index dipped 183 points during review quarter. A total of 96% of businesses report the drop in bookings.
Employment index plunged by 114 points to -41 during the quarter. Wages and other labor costs per employee index fell 60 points to hit zero. A total of 74% businesses report no-change in wages and other labor costs.
Though the second quarter reports negative performances, tourism business activity for Q3-2022 is optimistic. This comes on the back of less negative reading for total revenue index which went up to -66 from -98.
Additionally, the industry performance is further pushed up by significant turnaround in resort bookings index which went up to 25 from -92. The average room rate index shot up to -68 from -98, with 84% businesses expecting average room rates to drop in Q3-2022.