Maldives Revenue Hits $2.3 Billion as Tourism and Land Fees Boost Finances

The Maldives has recorded significant fiscal improvement, with government revenue reaching $2.3 billion as of November 27—a 9.4 percent increase compared to the same period last year. According to the Ministry of Finance and Planning, this growth is primarily driven by increased revenue from Goods and Services Tax (GST) on tourism and higher land transaction fees. Tax revenue rose to $1.7 billion, marking an 8.3 percent increase, with GST contributing $933.9 million alone—up 12.4 percent from the previous year. Non-tax revenue also showed strong performance, climbing 19.4 percent to $557.7 million. Revenue from land acquisition and conversion fees saw particularly dramatic growth, surging 27.7 percent to $36.2 million. The improved financial position is further evidenced by contributions to the Sovereign Development Fund, which increased by 84.6 percent to $155.6 million. Meanwhile, government spending decreased by 13.2 percent, falling from $2.7 billion to $2.4 billion as authorities implemented strategic expenditure controls. These measures have resulted in a significantly narrowed fiscal deficit, which dropped to $90.8 million from $661.5 million the previous year. The primary balance shifted from a $382.6 million deficit to a $180.4 million surplus, indicating strengthened fiscal management during a period of economic recovery.