Ministry of Finance has revealed that the state revenue generated in the first quarter of this year is 30% higher than in the same period last year.
The weekly fiscal developments report published by the finance ministry shows that the state received USD466 million in cumulative revenue and grants in the first quarter of this year, which is 30% higher than the USD356 million received in the same period last year.
The report shows the state received USD466 million from tax revenue, mostly in the form of Tourism Goods and Services Tax, and Business and Property Tax. The state also received USD123 million in non-tax revenue, most of which were from fees and charges such as the airport development fee, and property income such as rent from resorts.
The expenditure for the first quarter of this year reached USD572 million which is 25% higher compared to the USD35 million recorded in the same period last year. The majority of the expenditure went to recurrent expenditures such as administrative and operational expenses and paying salaries, wages, and pensions. The state also spent USD155 million on capital and infrastructure expenditure.
In the regional update for the Maldives, the World Bank stated that the Maldives economy has recorded a strong recovery amid existing weaknesses and global challenges and that the economy is projected to grow at 7.6% in 2022 and fully recover to pre-pandemic levels by 2023.