State revenues, inclusive of grants for October 2022 stood at MVR1,514.0 million (MVR1.5 billion), observing a 0.5% decline from the same month in 2021.
Total expenditure for the review month declined by 4.1% compared to October of last year. Capital expenditure however, saw an increment of 16.7% while recurrent expenditure registered a 4.1% decline.
The fiscal balance for the month of October 2022 gives an overall deficit of MVR1,352.9 million (MVR1.35 billion).
Expenditure Composition
- Administrative and Operational Expenses: 42.2%
- Salaries, Wages and Pensions: 32.3%
- Infrastructure Assets: 21.2%
- Lending: 1.8%
- Development Projects and Investment Outlays: 1.7%
- Capital Equipment: 0.8%
The cumulative expenditure by the end of October 2022 was recorded at MVR31,183.9 million (MVR31.2 billion).
Revenue and Grants Composition
- TGST: 26.6%
- GGST: 19.9%
- Import Duties: 13.2%
- Property Income: 7.5%
- Other Fees and Charges: 7.4%
- Airport Development Fee: 4.5%
- Airport Service Charge: 4.3%
- Non-Resident Withholding Tax: 4.1%
- Green Tax: 4.1%
- Other Taxes: 2.0%
- Interest, Profit and Dividends: 1.4%
The cumulative state revenue, inclusive of grants by the end of the review month stood at MVR22,772.9 million (MVR22.8 billion).