According to the Maldives Monetary Authority (MMA) in their Quarterly Business Survey for 2024 first quarter, the employment rose for businesses in all sectors except for the wholesale and retail trade sector.
Besides this, tourism sector reported a moderation in the pace of new hires during the review quarter. For the wholesale and retail trade sector, the rate of decline in employment levels moderated compared to the preceding fourth quarter in 2023.
Businesses in tourism sector turned pessimistic following the end of tourism peak season in the review quarter.
Moreover, input prices remained elevated across all the surveyed sectors by MMA. The selling prices were high in all the sectors except for the wholesale and retail trade sector and the transportation and communication sector.
Additionally, businesses in the construction sector and the wholesale and retail trade sector expect the selling prices to remain elevated during the second quarter of 2024 as well.
The financial situation of the businesses worsened for both the wholesale and retail trade sector and the transportation and communication sector in the first quarter this year.
Businesses in construction sector however, reported a marginal improvement in the financial situation.