Activities in the wholesale and retail trade sector, was estimated to have declined by 11.9% in Q1-2022 following which the sector started to bounce bank, reports Maldives Monetary Authority (MMA).
The central bank confirms the gross value added of the sector remained 37.6% below pre-pandemic levels (Q1-2019), during the first quarter of 2022. However, as of Q2-2022, the sector’s trade activity expanded, suggested by the private sector imports and bank credits.
During Q2-2022, private sector imports (excluding imports by the tourism sector) increased by 42% in annual terms. Commercial bank credit to the sector rose by 11% during the quarter.
Moreover, as per the Quarterly Business Survey of MMA for the review quarter, wholesale and retail trade sector continued to expand indicated by the sales index and the volume of orders index – though the pace of the expansion was reported to have slowed down.
The sales index remained positive at 48 points, despite declining by 21 points. On the other hand, volume of orders declined by 34 points to 55 points during Q2-2022.