The Maldives construction industry witnesses mixed development in third quarter of 2019.
According to MMA’s Quarterly Economic Bulletin, construction sector faced economic bumps and lows in review quarter.
As per statistics, construction-related items’ import expenditure declined significantly.
However, commercial bank credit for construction activities registered an upward trend.
During Q3 2019, major construction related imports such as wood, metal, cement and aggregates as well as other construction materials dropped by 35%.
This decline came in comparison with the corresponding period of 2018.
Moreover, import of such material has been on a declining trend since Q4-2018.
Which comes mainly attributed from the winding down of major public infrastructure projects.
Meanwhile, bank credit for construction activities observed a 9% year-on-year improvement.
Moreover, this effect came in “predominantly owing to the rise in loans for construction of residential housing.”
In addition to this, bank credit for construction increased in light of funding for new resort development and renovations.
