Maldives Monetary Authority (MMA) revealed that the construction industry experienced a growth of 29 percent in the third quarter of this year.
According to MMA's quarterly business report, compared to the second quarter, the construction industry saw progress in the third.
During this period, orders received by construction companies increased by 27 percent.
However, a business survey conducted by MMA shows that 85 percent of the participants highlighted that there was no increase in the income of labourers. Meanwhile 90 percent also revealed that the rates charged for working did not change either.
Additionally, 65 percent of those who took part in the survey stated that the number of employees remained unchanged during this period.
Furthermore, 17 percent claimed that the number of large scale projects increased in the third quarter.
Out of the participants, 38 percent revealed that although the industry made a positive turn, they still face difficulty in acquiring loans for construction projects.
The survey was conducted from December 26, 2018 to October 6, 2019, with participants from the tourism industry, construction industry, production industry and retail industry. MMA revealed that out of the 174 forms sent to various businesses, they received responses from total 99.
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