State revenue up by 23% in December 2022

According to the most recent updates from the Ministry of Finance, the government revenues and grants increased by 23% in December 2022.

Revenues and grants in the reviewed month stood at MVR 3,426.6 million (MVR3.4 billion).

Tax revenues stood at MVR1,488.9 million (MVR1.49 billion) and non-tax revenues stood at MVR1,918.3 million (MVR1.9 billion) in the review month. Grants received during the month stood at MVR15.5 million.

On the other hand, expenditure for the same month increased by 47.1% compared to the same month in 2021. Expenditure in December 2022 stood at MVR5,426.5 million (MVR5.4 billion).

Capital expenditure increased by 139.5% while recurrent expenditure increased by 3.4%. Capital expenditure stood at MVR2.837.6 million (MVR2.8 billion) while recurrent expenditure stood at MVR2,589.0 million (MVR2.59 billion).

Fiscal balance for the month gives a deficit of MVR 2.0 billion.

Expenditure Composition

  • Administrative and Operational Expenses: 36.6% | MVR 1,654.8 million
  • Infrastructure Assets: 30.5% | MVR 1,392.5 million
  • Salaries, Wages, and Pensions: 17.2% | MVR 933.5 million
  • Development Projects and Investment Outlays: 10.2% | MVR 551.5 million
  • Lending: 3.4% | MVR 185.6 million

Revenue Composition

  • TGST: 18.0% | MVR 617.8 million
  • Property Income: 11.0% | MVR 376.5 million
  • Interest, Profit and Dividends: 10.7% | MVR 367.2 million
  • Import Duties: 9.0% | MVR 308.3 million
  • GGST: 7.7% | MVR 262.9 million

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