Maldives’ economy closed 2025 on a firmer footing, with improved government revenues, resilient tourism performance, and stabilising fiscal indicators reflecting the impact of President Dr Mohamed Muizzu’s economic policy direction, according to the Monthly Statistics December 2025 report published by national authorities.
Government revenue and grants reached MVR 35.5 billion during January to November 2025, while total expenditure stood at MVR 35.2 billion, significantly narrowing the fiscal gap compared to previous years. The overall deficit was reduced to approximately MVR 1.57 billion, a sharp improvement from the MVR 10.2 billion deficit recorded during the same period in 2024, signalling strengthened fiscal discipline under the current administration.
Economic output continues to expand, with nominal GDP projected to rise to MVR 116.4 billion in 2025, up from MVR 108.7 billion in 2024, while GDP per capita is forecast to increase to USD 12,325, reflecting rising economic value and income generation across the economy.
Tourism, the backbone of the Maldivian economy, remained robust throughout the year, supported by policy stability and sustained infrastructure investment. Tourist arrivals exceeded 1.1 million by November 2025, with bednight capacity and average stay remaining strong, reinforcing confidence in the government’s strategy to expand connectivity and upgrade airport and resort infrastructure nationwide.
On the fiscal front, tax revenue growth was driven primarily by tourism GST, import duties, and business profit tax, underscoring the effectiveness of President Muizzu’s focus on broadening revenue sources without imposing additional burdens on citizens. Total tax revenue reached MVR 26.5 billion by November 2025, strengthening the state’s capacity to fund public services and development programmes.
Inflationary pressures also showed signs of easing in key sectors toward the end of the year, with November 2025 recording lower year-on-year price growth across several expenditure categories, supporting household purchasing power amid global economic uncertainty.
Taken together, the December 2025 data highlights a clear trajectory of economic stabilisation and recovery under President Dr Mohamed Muizzu’s leadership, as prudent fiscal management, investment-led growth, and policy coherence translate into measurable national progress.
