The Maldives Monetary Authority released its quarterly business survey results for October to December 2024, based on responses from 114 of 160 invited large enterprises across tourism, construction, transport and communication services, and wholesale and retail trade. The survey indicates that overall business activity increased from the third quarter of 2024 in all surveyed sectors except construction, where firms reported a decline. Employment rose in tourism and in transport and communication services, while growth in wholesale and retail trade slowed and construction reported a fall in employee numbers. Input prices and selling prices increased in all sectors except transport and communication services, where input prices rose but selling prices declined. Financial conditions improved in tourism and transport and communication services but not in wholesale and retail trade or construction, and access to credit became more difficult in all sectors except tourism. Looking to the first quarter of 2025, respondents generally expect activity to increase across all sectors, with tourism expected to expand further during peak season but at a slower rate than in the previous quarter, and a slower pace of growth anticipated in transport and communication services and in wholesale and retail trade. Most sectors expect further increases in input and selling prices at a slower pace, while wholesale and retail trade expects input prices to rise further and transport and communication services expects selling prices to increase; credit conditions are expected to tighten further outside tourism, where easing is anticipated.

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