The government has received more than USD 1 billion in revenue and grants at the end of the first 19 weeks of this year, according to the Ministry of Finance and Planning figures, marking a 7.6 percent increase over the same period last year.
According to the Weekly Fiscal Development Report released by the Ministry, the government received just a little over USD 1 billion in revenue and grants from 1 January to 29 May this year. This includes USD 843 million in tax revenue and USD 220.5 million in non-tax revenue.
Revenue from GST, TGST and green tax increased by 14.8 percent over the same period last year due to the recent change in tax rates.
Out of tax and non-tax revenue, airport development fee revenue increased by 49.8 percent over the same period last year, coinciding with the 8.3 percent increase in tourist arrivals compared to last year.
With this increase, the total revenue and grants generated by the State so far this year increased by 5.2 percent compared to the same period in 2024. The increase in revenue was complimented by a 47.1 percent increase in deposits to the Sovereign Development Fund.
According to the Ministry, total State expenditure stood at USD 992.2 million as of last week, down 16.3 percent from the same period last year.
Government recurrent expenditure declined by two percent while capital expenditure declined by more than 65 percent.
As of 29 May, the government has secured 41.6 percent of the total revenue and grants estimated for 2025 in the year’s State budget, while State expenditure has reached 31.1% of the total budgeted for the year.