Maldives Economy Grows Broadly as Tourism Braces for Peak Season

The Maldives Monetary Authority (MMA) reports that nearly all major sectors of the Maldivian economy expanded in the third quarter, with tourism standing as the sole exception. According to the central bank's latest business survey, economic activity increased across the board from the previous quarter, though growth patterns varied significantly between industries. The survey, conducted from late September to mid-October, gathered responses from 70% of 160 leading companies spanning tourism, construction, transport, and wholesale trade. While tourism transaction volumes declined despite sustained demand—highlighting the sector's seasonal sensitivity—employment levels rose collectively across all surveyed industries. Job growth slowed in most sectors but continued to advance within tourism. Business expectations for the final quarter remain largely optimistic as the country approaches its peak tourism season. Resort operators and tourism businesses anticipate a significant surge in both revenue and guest bookings. Construction and transport companies also project continued expansion, while wholesale and retail trades report slowing momentum in their business volume indicators. Most surveyed businesses expect their financial positions to improve in the coming quarter, though the construction industry forecasts a deceleration in its financial recovery. Since its inception in 2013, the MMA's quarterly survey has provided Maldivian policymakers with crucial insights into short-term economic shifts and commercial sentiment across the island nation's diverse economy.