Ministry of Finance and Public Enterprises has stated that an increase in Tourism Goods and Services (TGST) has led to a significant increase in revenue.
According to the ministry’s latest Weekly Fiscal Development Report, total revenue and grants as of 4 June was USD 1.24 billion. This is an increase of USD 120 million or 10.1 percent compared to USD 1.12 billion recorded during the same period the previous year. The ministry said this indicates steady growth in key economic sectors.
Taxes account for 78 percent of the state’s revenue, with tax revenue reaching USD 960 million, compared to USD 855 million in the same period last year, reflecting a 12.4 percent growth.
The main driver of the increase is revenue generated from TGST. While USD 325 million was generated in 2025, USD 389 million has been generated as TGST thus far this year, a 20 percent increase. GST revenue also rose from USD 143 million to USD 162 million during this period.
While revenue has improved, overall government spending has increased significantly. Total recurrent and capital expenditure reached USD 1.24 billion, an increase of 17.6 percent compared to last year. Infrastructure spending has been heavy, with USD 53.1 million spent on bridge, airport and road development projects.
As a result of higher global fuel prices due to the Middle East war, subsidy spending has increased sharply, almost doubling from USD 84 million in the same period last year to USD 149 million this year.