The Maldives Monetary Authority (MMA) published the results of its Quarterly Business Survey for January to March 2025, covering tourism, construction, transportation and communication services, and wholesale and retail trade. The survey points to diverging short-term conditions across sectors, with wholesale and retail activity strengthening while construction activity fell and growth in tourism and transportation and communication services slowed. The MMA collected responses from 109 of 160 large companies (68%) between 9 April 2025 and 23 April 2025. Employment increased in tourism and wholesale and retail trade but declined in construction, while transportation and communication services reported continued employment growth at a slower rate. On prices, input-price increases slowed in tourism and construction, rose in transportation and communication services, and fell in wholesale and retail trade; selling prices slowed in tourism, rose faster in construction, and declined in wholesale and retail trade and transportation and communication services. Looking ahead to the second quarter of 2025, tourism businesses expect activity to decline as the peak season ends, transportation and communication services expect activity to increase at a slower pace, construction expects operational activity to be maintained with weaker demand, and wholesale and retail trade expects weaker sales despite higher anticipated demand. Financial conditions improved in tourism and wholesale and retail trade and deteriorated in transportation and communication services, while most sectors reported difficulty obtaining credit and generally expect access to worsen in the next quarter.

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