Maldives earns USD 3.9 billion from tourism by November's end

With the rapid growth in the Maldivian tourism sector post-pandemic, the sector has injected over USD 3.9 billion into the local economy so far this year.

The figure is an increase of USD 798.6 million compared to the same period last year. The tourism sector had injected USD 2.4 billion into the economy as of the end of November 2021. The figures were calculated based on TGST.

The latest statistics released by the Maldives Inland Revenue Authority (MIRA) shows the state earned USD 390.2 million as TGST by the end of November 2022. The figure is higher than the USD 294.4 million generated as TGST during the same period in 2021.

The statistics show that after tax deductions, the tourism sector earned USD 2.86 billion by the end of November 2022. The tourism sector had earned USD 2.15 billion after tax deductions the same period last year.

The tourism sector expects to see a significant increase in arrivals with the upcoming high season, which will increase the injection of USD into the local economy.

The Maldivian tourism sector has been rebounding strongly post-pandemic. Maldives has registered 1.49 million tourist arrivals by the end of November, and expect to pass 1.6 million arrivals before the end of December – which is just short of the 1.7 million arrivals recorded in 2019.