Rise in tourism industry expenditure during Q1

Results of the quarterly survey conducted by Maldives Monetary Authority (MMA) among tourist businesses operating in Maldives shows a rise in expenditure by the businesses during the first quarter of 2017.

60 percent of the businesses which participated in the survey reported an increase in expenditure on employees, and 62 percent of the businesses reported an increase in expenditure on its services.

It’s a significant increase compared to the 29 percent of businesses who reported an increase in expenditure on employees during the last quarter of 2016.

Meanwhile, the survey results showed a slight drop in number of businesses which increased their capital expenditure.

49 percent of the businesses reported an increase in capital expenditure during the last quarter of 2016, while 36 percent of the businesses reported an increase in capital expenditure during the first quarter of 2017.

Majority of the businesses which took part in the survey reported an increase in their income during the first quarter of 2017. 88 percent reported an increase, while 12 percent reported a fall in income.

The survey also shows that 65 percent of the businesses reported their businesses were generally favorable during the first quarter.

Statistics released by Ministry of Tourism shows 359,053 tourists visited Maldives from January 1 to March 31.