Construction industry, the fastest growing economic sector of Maldives over the past years saw a significant slow-down in 2020.
Moreover, Ministry of Finance report the sector was “heavily hit by the adverse effects of the Covid-19 pandemic.”
Many of the public infrastructure projects at ongoing capacity saw unprecedented delays due to the viral outbreak in Maldives as well.
Meanwhile, performance of construction sector observes a progress by 7.2% on average between 2017 and 2019.
However, due to the global pandemic activities in Maldives construction sector saw a dwindle of 11.4% last year.
Furthermore, construction related imports saw a massive 36.4% decline during the first 8 months of 2020.
Import expenditure drop comes mostly due to disruptions in the supply-chain over the pandemic, which lead towards travel restrictions and border closure.
Meanwhile, the island nation is trekking towards economic recovery in 2021.