Wholesale and retail trade observe 50.7% growth

Wholesale and retail trade activities estimated to have expanded during Q3-2022, reports Maldives Monetary Authority (MMA).

Activity in the sector is estimated to have improved significantly, suggested by the 50.7% growth in the gross value added of the sector, which also rose by 22.9% when compared with the pre-pandemic levels (Q2-2019).

Private sector imports (excluding imports by the tourism sector) saw a 38% increment in annual terms. Commercial bank credit to the sector rose by 4% during the review quarter.

MMA further reports, the sector had weakened considerably as indicated by the sales index and volume of orders index. Sales index turned negative for the first time since Q2-2020, plunging 77 points to register -29 points during Q3-2022.

Meanwhile, volume of orders placed with suppliers remained unchanged at 55 points during the review quarter.