Construction-related imports increase by 17% in Q4-2022

The activity of the Maldivian construction sector remained moderate during Q4-2022 while construction-related imports increased by 17%, reported the Maldives Monetary Authority (MMA).

According to the central bank, the commercial bank credit to the construction sector remained broadly unchanged during the review quarter.

This was due to the decline in credit lent for construction of residential or housing projects, new resort development, guesthouses, property development and credit extended for resort renovations. This offset the increase in credit lent for real estate residential or housing projects, other construction projects and real estate of commercial buildings.

Volume of the construction activity index continued to expand but at a slow pace. The volume of the construction activity decreased 25 points to 29, while the volume of orders received index gained 6 points to register 41 during the quarter.

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