The Maldives Monetary Authority published the results of its Quarterly Business Survey for July–September 2025, covering large enterprises in tourism, construction, transport and communication services, and wholesale and retail trade. The survey indicates that overall business activity and employment increased compared with Q2 2025, although tourism reported a decline in transaction volumes while demand remained stable, and firms across all sectors continued to face difficulty obtaining credit. Questionnaires were sent to 160 enterprises and 112 participated (70%). Input prices rose across all surveyed sectors, while selling prices declined in all sectors except wholesale and retail trade. Financial conditions deteriorated in wholesale and retail trade, while tourism and construction reported improvements at a slower pace and transport and communication services reported an improvement. Looking ahead to Q4 2025, tourism revenues and resort bookings are expected to increase in the peak season, construction and transport and communication activity is expected to rise further, and wholesale and retail trade growth is expected to moderate. Respondents expect both input and selling prices to rise across all sectors, with some moderation in the pace of increases in specific sectors, while credit-access difficulties are expected to persist.

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