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Revenues decline 0.5 percent in October: Finance Ministry

Mohamed Rehan
01 December 2022, MVT 14:11
Ministry of Finance reports state revenue, inclusive of grants declined 0.5 percent in October 2022 compared to the same month last year--
Mohamed Rehan
01 December 2022, MVT 14:11

According to Ministry of Finance, state revenues, including foreign grants declined by 0.5 percent in October 2022, compared to the corresponding period of last year.

In the review month, state revenues, including grants, were recorded at MVR 1.51 billion. Total revenue for the same month in 2021 had reached MVR 1.52 billion.

State expenditure in October also observed a decline of 4.1 percent when compared with October 2021. However, capital expenditure observed an increase of 16.7 percent and the recurrent expenditure decreased by 4.1 percent.

The fiscal balance for October 2022 shows an overall deficit of MVR 1.35 million.

By the end of the review month, the state's annual expenditures had reached MVR 31.2 billion. The approved budget for 2022 was MVR 34.1 billion.

By the end of October, revenues and grants to state reached MVR 22.8 billion. The projected total for the year was MVR 24.3 billion.

Despite the monthly decline, state revenue observed a growth in annual terms.

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