Male, Maldives – The Maldives has achieved a significant milestone in its economic growth, with state dollar revenue exceeding $1 billion in 2024, according to the latest statistics released by the Maldives Inland Revenue Authority (MIRA). This marks a 12.5% increase compared to the previous year, driven largely by a surge in tourism and related sectors.

Tourism Sector Leads Revenue Growth

The tourism industry remains the backbone of the Maldives' economy, contributing $619.9 million through the Goods and Services Tax (GST) sector alone. The number of tourists visiting the Maldives in 2024 saw a substantial increase, leading to higher collections in Tourism Goods and Services Tax (TGST), Green Tax, and other tourism-related fees.

Key Revenue Streams

1. Departure Tax: $72.2 million
2. Airport Development Fee: $73.2 million
3. Green Tax: $70.4 million
4. Income Tax: $55.9 million

These figures highlight the growing importance of sustainable tourism and infrastructure development in the Maldives. The Green Tax, in particular, reflects the government's commitment to environmental conservation and climate resilience.

Economic Implications

The record-breaking revenue underscores the resilience and recovery of the Maldivian economy following global challenges. The increase in tourist arrivals and associated tax revenues has provided a significant boost to the nation's financial stability, enabling further investments in infrastructure, healthcare, and education.

Looking Ahead

As the Maldives continues to attract visitors from around the world, the government aims to build on this momentum by promoting sustainable tourism practices and diversifying its economic base. The $1 billion revenue milestone is a testament to the country's strategic focus on tourism and its ability to adapt to changing global dynamics.