The boost in the key industrial sectors in the Maldives in the last quarter of last year was not reflected in the creation of new jobs, the archipelago's central bank said in a report Friday.
Maldives Monetary Authority (MMA) in its Quarterly Business Survey for the last quarter of 2016 said businesses across all sectors surveyed, including tourism, construction, wholesale and retail trade reported an increase in the level of business activity in comparison with the third quarter.
"With regard to the current level of employment, the majority of businesses in all the surveyed sectors reported no change in Q4-2016 over Q3-2016," the survey said.
The survey noted that employment levels had been maintained.
"Meanwhile, businesses in the construction and the wholesale and retail trade sector expect an increase in the level of employment in the first quarter of this year while most of the respondents in the tourism sector anticipate no change," MMA said.
The survey also showed that the most significant factor that limits business growth in the construction sector, wholesale and retail trade was the limited availability of foreign exchange, while competition was flagged as the key factor in the tourism industry.
The survey takes into account the view of senior managers or top management of businesses operating in the Maldives.
