As state revenue saw a 1.8% increase, spending on development projects has also experienced growth, according to the latest financial data.

According to the Weekly Fiscal Development Report released today by the Ministry of Finance, total state revenue and grants reached MVR 30.879 billion as of the first of this month, marking a 1.8% increase compared to MVR 30.342 billion recorded during the same period last year.

The report states that the primary reason for the increase in state revenue was a 5.8% rise in tax revenue. Accordingly, tax revenue grew from MVR 22.528 billion to MVR 23.835 billion.

Financial statistics show that income increased the most last week from the Tourism Goods and Services Tax (TGST).

Statistics indicate that by October 1, MVR 8.6 billion was received as TGST revenue. This is a 1.4% decrease compared to MVR 8.172 billion received in the same period last year. Although there was a slight year-on-year decrease, statistics show that TGST achieved the greatest growth on a weekly basis.

In addition, revenue from the Airport Service Charge and Departure Tax increased by 8.2% to reach MVR 1.529 billion, an increase compared to MVR 1.412 billion received during the same period last year.

Statistics show that other revenue-generating sectors also achieved growth. Accordingly, business and property tax increased by 21.2% to MVR 5.782 billion, while import duty increased by 11.4% to MVR 2.513 billion. General Goods and Services Tax (GST) rose by 2.8% to MVR 4.132 billion.

Among non-tax revenues, the Airport Development Fee increased by 8.1% to MVR 1.552 billion, and goods-related revenue increased by 13.5% to MVR 1.948 billion. Furthermore, state grants increased by 84.7% to reach MVR 0.513 billion.

Statistics show that total state expenditure stood at MVR 35.456 billion. This is an 18.2% increase compared to MVR 30.008 billion spent during the same period last year. Recurrent expenditure rose by 18.5% to MVR 30.653 billion, with the largest share of spending going towards employee salaries and allowances. Accordingly, spending on salaries and allowances increased by 14.1% to MVR 5.555 billion.

Other administrative and operating costs also increased compared to last year. Administrative and operating expenses rose by 23.8% to MVR 18.539 billion, while spending on grants and subsidies increased by 44.3% to MVR 10.169 billion. Among this, subsidy spending surged by 75.1% to MVR 4.203 billion, and spending on Aasandha increased by 25.1% to MVR 1.864 billion.

Compared to the same period last year, capital expenditure on development projects increased by 15.9% to reach MVR 4.804 billion. The largest portion of this expenditure went towards infrastructure facilities. Specifically, spending on land and building projects increased by 34.1% to MVR 1.453 billion, spending on bridge and harbor construction increased by 38.4% to MVR 0.333 billion, and spending on other infrastructure facilities increased by 37.5% to MVR 0.945 billion. Additionally, spending on capital equipment increased by 19.6%.