Despite being one of the hardest-hit economic sectors in the Maldives, the construction industry showed an impressive recovery in 2021.
According to the Maldives central bank statistics, the import of tourism-related items increased by 62 percent year-on-year by the final quarter of last year.
The commercial bank credit to the construction sector, however, observed a marginal decline of just 1 percent by the end of the review quarter due to the decline in credit extensions for the renovation of resorts and other real estate projects.
In addition to this, credit extensions declines were observed for the construction of commercial buildings as well.
However, credit extensions increased for residential or social housing and property development projects during the quarter.
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