The Maldives recorded stronger business activity across most major sectors in the third quarter of 2025, according to the Maldives Monetary Authority’s latest Quarterly Business Survey.

The survey, conducted from 25 September to 12 October among 112 large enterprises, shows that employment increased across all sectors, though the pace of growth moderated outside tourism. Input prices rose in every sector, while average selling prices declined in most areas except wholesale and retail trade.

Tourism operators reported weaker revenues during the off-season, although the decline was less pronounced than in the previous quarter. Bookings improved and labour indicators strengthened, with the number of employees index turning positive. Businesses expect a sharp rebound in the fourth quarter as peak season begins, with strong expectations for revenue, bookings, room rates and overall business conditions.

Construction activity continued to grow but at a notably slower pace. Although firms reported higher input costs, average prices charged fell sharply. 

Wholesale and retail trade recorded a strong turnaround, with sales volumes rising and orders placed with suppliers remaining high. Cost of sales increased, while labour costs per employee fell. For Q4, firms remain optimistic, projecting higher sales, improved financial conditions, and increased capital expenditure.

The transportation and communication sector showed improvement, with revenue and demand indices turning positive. Financial and overall business conditions strengthened notably, while input price pressures eased slightly. Businesses remain highly optimistic for Q4, expecting strong demand, higher employment and better financial performance.

Overall, the survey points to an economy gaining momentum outside tourism, while tourism businesses anticipate a significant upswing in the final quarter as peak season begins.