According to statistics from the Ministry of Finance, state revenue and grants reached MVR 27.9 billion as of the 27th of last month, marking a 6.9% increase compared to the same period last year. This growth was primarily driven by higher tax revenues and grants, with import duties recording the most significant contribution, growing by 12.1%. Notable increases were also observed in business taxes, GST, and property-related income, including resort rents.
Conversely, total state expenditure rose by 17.5% during this period, reaching MVR 29.9 billion. The bulk of this spending was attributed to recurrent expenditure, specifically employee salaries and wages, which saw a 12.7% increase. Additionally, capital expenditure grew by 9.0%, fueled by higher spending on development projects such as land and buildings, as well as the construction of bridges and harbors.
