The Maldives Government recorded USD 2.24 billion in total revenue and grants by 29 October 2026, reflecting a 5.3 percent increase compared with the same period last year, as stronger tax collections and sustained earnings from the tourism and resort sector continued to support public finances.
According to the latest weekly fiscal report published by the Ministry of Finance and Public Enterprises, total revenue and grants increased from USD 2.13 billion during the corresponding period in 2025 to USD 2.24 billion this year. The improvement was largely supported by higher tax revenue, which rose by 9.1 percent to USD 1.73 billion, compared with USD 1.59 billion during the same period last year.
Tourism remained one of the strongest contributors to state revenue, underlining the continued importance of the resort industry to the Maldivian economy. Tourism-related tax revenue increased by five percent, reaching USD 604.41 million compared with USD 575.88 million in 2025. Tourism Goods and Services Tax also recorded the highest collection among individual revenue sources during the latest reporting week, reflecting continued economic activity across the country’s tourism sector.
The resort industry also contributed strongly through non-tax revenue. Government income from property increased by 28.2 percent to USD 147.21 million, with the growth largely attributed to higher rental income received from resorts. The increase highlights the broader fiscal contribution made by resort operations beyond tourism taxation, including lease-related payments and other property-based revenue received by the state.
Revenue from taxes on goods and services increased significantly by 23.7 percent to USD 393.64 million, while import duties rose by 12.3 percent to USD 188.07 million. General Goods and Services Tax collections reached USD 300.26 million, while Green Tax revenue increased by 2.3 percent to USD 121.92 million. The government also received USD 34.37 million in grants during the period, although overall non-tax revenue declined by 8.8 percent.
Government expenditure reached USD 2.53 billion by 29 October, representing an increase of 16.2 percent compared with the same period in 2025. Recurrent expenditure rose by 16.9 percent to USD 2.18 billion, while capital expenditure increased by 12 percent to USD 343.71 million.
Employee salaries and allowances accounted for USD 398.83 million, representing an increase of 14.7 percent, while administrative and operational expenditure stood at USD 1.32 billion. Spending on assistance and subsidies increased by 34.9 percent to USD 701.04 million, including USD 279.51 million in subsidies and USD 127.11 million allocated for Aasandha health insurance expenditure.
The government also continued investment in national infrastructure, with capital spending on infrastructure assets, including land and buildings, increasing by 10.4 percent to USD 300.26 million. Expenditure specifically on land and buildings rose by 35.4 percent, while spending on airports and harbours increased by 20.1 percent, reflecting continued investment in infrastructure and public development projects.
Local councils received USD 134.89 million in grants during the period, supporting decentralised administration and development activities across the atolls.
By 29 October, the overall budget balance stood at a deficit of USD 289.88 million, while the primary balance recorded a deficit of USD 21.40 million. Despite higher expenditure, the continued growth in government revenue, particularly from taxation, tourism and resort-related income, demonstrates the important role of the Maldives’ expanding economic activity in supporting public finances and national development.
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