Business

THE MALDIVIAN ECONOMY IN 2016: CONSTRUCTION SECTOR

Report by: Shifneen Rasheed & Daha Shuaib

After experiencing two consecutive years of negative growth in 2012 and 2013, the construction sector of the country boomed and registered growth rates over 20% in
the two years that followed. Similarly, construction sector growth continues to strengthen in 2016, as evidenced by the quarterly GDP statistics for Q1 and Q2 of the year. The
sector registered growth rates of 18.2% and 12.8% for Q1 and Q2 of the year, respectively.
Another important indicator to gauge the sector growth for the year is construction sector-related imports. Such imports rose by 20% in annual terms during the period Jan-
Nov 2016, indicating fast-paced sectoral growth within the year.

A weighty portion of the construction sector activity for the year consisted of work on large public sector infrastructure projects, residential housing and resort development
projects. Of this, the construction of the historic landmark, the China-Maldives Friendship Bridge is a remarkable project that commenced in early 2016. The bridge, estimated to
be completed and opened in 2018, will improve the socioeconomic growth of the country by easing transportation between the airport and the two largest residential and commercial islands in Maldives.

Full details are available from the link below:

Source URL: Corporate Maldives

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