The Ministry of Finance and Public Enterprises has reported that the state collected a total of USD 1.99 billion in revenue and grants during the first nine months of the current fiscal year.
According to the latest Weekly Fiscal Developments Report, this represents a 1.8 percent increase compared to the USD 1.96 billion recorded during the same period last year.
The growth in total revenue was primarily driven by a 5.8 percent surge in tax collections, which rose to USD 1.54 billion. Tourism remains a cornerstone of the economy, with the Tourism Goods and Services Tax (TGST) generating USD 518.8 million. While TGST saw a marginal year-on-year decline of 1.4 percent, it remained the highest-performing revenue stream on a weekly basis. Other sectors showed robust growth, with revenue from business and goods taxes climbing 21.2 percent to USD 369.6 million, and import duties increasing 11.4 percent to USD 162.1 million. Additionally, revenue from airport service charges and departure taxes rose by 8.2 percent, totaling over USD 97 million.
However, the report also detailed a significant rise in state spending, which outpaced revenue growth. Total expenditure reached USD 2.29 billion, an 18.2 percent increase from the previous year. This spike was largely attributed to a 44.3 percent jump in spending on grants, subsidies, and social assistance, which totaled USD 654.9 million. Administrative and operational expenses also rose by 23.8 percent, reaching USD 1.19 billion.
Despite the rising operational costs, the government continued to prioritise infrastructure development. Capital expenditure grew by 15.9 percent to USD 311.2 million. Investment in land and building construction saw a sharp increase of 34.1 percent (USD 94.23 million), while harbour construction and other infrastructure facilities rose by 38.4 percent and 37.5 percent, respectively.