Business sentiment across the Maldives strengthened sharply in the third quarter of 2025, with new survey findings showing rising activity, expanding employment and renewed confidence in every major sector of the economy. The latest Quarterly Business Survey released by the Maldives Monetary Authority confirms that companies are preparing for a strong finish to the year as national growth gains momentum.
Covering 160 leading businesses from tourism, construction, wholesale and retail trade, transportation and communication, the survey recorded a solid 70 percent response rate. The results highlight a private sector that is growing, investing and expressing clear optimism about the road ahead.
Growth accelerates across core industries
Wholesale and retail trade posted the quarter’s most impressive performance. Firms reported a powerful surge in sales, stronger orders from suppliers and higher stock levels, indicating widespread consumer and business demand. The volume of sales index climbed by more than one hundred points to reach a strongly positive outlook.
Construction activity continued on a firm upward trajectory, supported by ongoing housing schemes, infrastructure projects and resort development. Companies also reported steady hiring, reflecting confidence in project pipelines and long term investment plans.
Transportation and communication businesses delivered another bright spot. Revenue and demand swung into positive territory, driven by expanding logistics, domestic transport services and wider digital connectivity. This sector was also the only one to report an improvement in financial standing, signalling stronger internal resilience and healthy cash flow.
Across all industries, companies continued to create jobs, reinforcing national employment stability and supporting household incomes.
Tourism prepares for powerful high season rebound
Although Q3 marks the quieter period for resorts, forward looking indicators show a robust recovery ahead. Resort bookings turned positive during the quarter. Expectations for the high season are exceptionally strong, with companies forecasting a major jump in revenue, room rates and overall business performance. The expected total revenue index for Q4 reached a very strong level.
Resorts also increased investment in their properties. Higher capital expenditure confirms strong faith in continued visitor arrivals and in the Maldives position as a world leading luxury destination.
Businesses anticipate a strong year end
While global markets remain unpredictable, Maldivian businesses report that national demand is firm and improving. Companies across all surveyed sectors expect business conditions to strengthen further in Q4. Wholesale and retail trade anticipate higher sales, tourism expects a powerful peak season, transportation companies forecast very strong revenue, and construction firms project steady activity.
These combined expectations reflect widespread belief in economic stability and growth.
A confident national outlook
The Q3 2025 findings present a clear picture of an economy that is expanding with purpose. Strong sales, rising employment, increased investment and optimistic forecasts point to a positive year end for the Maldives.
For policymakers, the message is encouraging. Maldivian enterprises are confident, resilient and ready to drive national growth, reinforcing the country’s position as one of the most dynamic island economies in the region.
