The construction sector experienced a significant boom in the second quarter of this year, recording an impressive 11.3 percent growth, according to the latest Economic Bulletin published by the Maldives Monetary Authority (MMA).
This robust expansion actively contributed to the overall growth of the Maldivian economy during the period, with the real estate sector also demonstrating positive momentum.
The MMA's detailed quarterly report indicates that the substantial increase in construction activity was mirrored by an 11 percent rise in expenditure on imports of construction materials, signaling a strong pipeline of ongoing and new projects across the archipelago.
Financial support from commercial banks also played a crucial role in this sector's upward trajectory, with loans issued to the construction industry increasing by two percent. This financing surge was primarily allocated towards housing construction, the renovation and expansion of resorts, and the development of various commercial buildings, reflecting diverse demand within the sector.
The healthy performance of key economic sectors like construction underpinned the overall economic growth witnessed in the second quarter.
The MMA's Quarterly Economic Bulletin, a pivotal publication issued four times annually since 2013, aims to provide early identification of ongoing and anticipated changes in the economy, thereby aiding in informed policymaking. The report offers comprehensive insights into the growth of all major industries and other pertinent economic information.