The Maldives Monetary Authority (MMA) has reported an increase in hiring across the main sectors of the economy during the final quarter of last year.
The central bank disclosed this in its Quarterly Business Survey Report, based on a survey of 113 businesses operating in four major industries. The surveyed businesses were selected from those reporting the highest income levels within their respective sectors.
According to the report, employment increased in the tourism sector, construction sector, wholesale and retail trade, as well as transportation and communication services during the quarter. The survey showed that no sector recorded a reduction in employment, based on whether businesses increased their workforce during the period.
The strongest growth in employment was recorded in the tourism industry. The MMA attributed this increase to the peak tourism season, which also led to higher revenues within the sector. The employment index for tourism rose from 56 points to 57 points, while employee salary expenditure also increased during the quarter.
The MMA noted that tourism remains the largest employer in the Maldives and expects the sector to maintain this position during the first quarter of this year.
Employment also increased in the wholesale and retail trade sector. Although overall business activity in the sector declined in the last quarter, hiring improved, with the employment index rising from 46 points to 69 points. The survey also showed an increase in staff-related expenditure. The MMA has forecast positive business performance for the sector in the first quarter of this year.
In the construction sector, which currently represents the second-largest share of the economy, the employment index increased from 29 points to 36 points. While staff expenditure declined slightly, it remained stable overall. The central bank said the increase in hiring was driven by a rise in construction projects during the quarter, and expects the sector to maintain this pace in the first quarter of this year.
The Quarterly Business Survey also showed no significant change in recruitment levels in the transport and communication services sectors, with the employment index standing at 14 points. While job growth was limited, the MMA noted that no job losses were recorded and that expenditure per employee increased during the quarter. A positive outlook has been forecast for the sector this year.
Overall, the MMA said the survey indicates growth across all industries, with businesses in multiple sectors expected to post positive results in the current quarter.