The Maldives Monetary Authority (MMA) has revealed that businesses in all major industries increased in the third quarter of 2022.
In the latest Quarterly Business Survey, MMA stated businesses in all the sectors in the survey reported an expansion in activity, with the tourism sector creating the largest number of jobs in the third quarter. The authority stated that the fourth quarter of the year is the peak tourism season and the tourism sector is expected to see further growth.
Additionally, MMA stated that businesses in the construction sector have increased although it is expected to decrease in the fourth quarter of the year. In addition, businesses in the wholesale and retail trade sector expect business activity to slow in the fourth quarter.
The Quarterly Business Survey is carried out by MMA with the aim of obtaining a quick assessment of current business trends and expected future economic activity. The respondents of the business survey are senior managers or top management of businesses in the sectors of tourism, construction, wholesale, retail, transport, and communication. The questions cover the views of the senior management, for the past quarter and expectations for the next quarter, on the direction of change in various business variables such as sales, output, prices, capacity utilisation, and employment which are useful for analysing and predicting economic activity.