The latest Quarterly Economic Bulletin by Maldives Monetary Authority (MMA) reveals the country’s construction sector observed mixed performance during the second quarter of 2021.
As per the central bank, construction related imports had increased by 9% (USD6.2 million) in the review quarter.
Meanwhile, the commercial bank credit to the construction sector registered an annual growth of 10% by the end of Q2-2021, mostly owing to the increment in the credit extended towards residential housing and new resort development projects.
Moreover, other increments observed during the review quarter include the credit extension to renovation of resorts and real estate projects.
On the other hand, the construction sector activities contracted significantly during the review quarter while the volume of construction activity index turned negative dropping by 43 points to register -23 points.