Favorable quarter for construction but low continues for others

The central bank Maldives Monetary Authority (MMA) said on Saturday that it would be a "free-for-all quarter" for the construction sector, considering that the construction sector will generate new business opportunities in the first half of the current financial year.

Construction companies, who supplied information for the quarterly business survey prepared by MMA for the last quarter of last year, pointed out that the last quarter was low on contracts and work received and the financial condition of the companies was poor.

However, construction companies are predicting new business opportunities in the first quarter of this year.

For other industries, tourism companies said room rates rose in the fourth quarter of last year compared to the third quarter, with bookings and revenue increasing. The European winter season also begins in the last quarter of the year, which is the best commercial period for the tourism industry in Maldives.

The season will continue into the first quarter of the year and companies expect this to be a good quarter for business. However, bookings and revenue are predicted to slowdown slightly.

In contrast, companies in the wholesale retail industry, transport and communications industries expect to see a worsening financial situation in the first half of this year.

Wholesale and retail businesses said orders, stocks and total sales fell in the last quarter of last year. The companies expect this situation to continue for the first quarter of this year.