Businesses report an overall rise in employment in Q1 of 2019

Business survey released by Maldives Monetary Authority (MMA) for the first quarter of 2019 shows a rise in employment rate across the four main Maldivian business sectors.

The survey by MMA was conducted with input from businesses operating in the main business sectors, 98 of the businesses reported an increase in employment rate in Q1 of 2019 compared to Q4 of 2018.

35 businesses operating in the construction industry reported an increase in employment, 31 businesses reported no increase in employment opportunities, while 34 businesses reported a fall in employment opportunities.

19 businesses operating in the manufacturing industry reported an increase in employment, while 79 businesses reported no changes to its employment rate.

58 business operating in the tourism industry reported an increase in employment rate, while 16 businesses reported no changes to its employment rate.

27 businesses operating in the wholesale and retail industry also reported an increase in employment rate.

Businesses operating in industries other than the tourism industry questioned for the survey reported that they projected an increase in employment rate within Q2 of 2019.

The survey also shows all the main business sectors, except for the manufacturing industry experienced growth in Q1 of 2019; including tourism industry, construction industry, and wholesale and retail industry.

All the main sectors, expect for the tourism industry reported that they projected further growth through Q2, while the tourism industry reported that they projected growth to go down in Q2 which is a generally low season for the industry.

Businesses questioned in the survey highlighted difficulties in securing bank loans and credit facilities, as well as lack of supply of well-trained local employees as two of its main challenges.