According to MATI data, resort earnings fell by US$529 million (MVR 8 billion) last year, with total tourism sector earnings dropping to US$5 billion from US$5.4 billion in 2022 despite around 1.7 million tourist arrivals. The World Bank attributed the revenue decline to a demand shift toward lower-end guesthouses and downgraded its 2024 growth projections for the Maldives.
Tracked around 1.7 million Tourist arrivals
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Resort earnings fell by US$529 million (MVR 8 billion) last year compared to the previous year, according to data released by the Maldives Association of Tourism Industry (MATI).
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Resorts generated a total revenue of US$3.9 billion (MVR 60 billion) last year, down from US$4.4 billion (MVR 68 billion) in 2022, MATI reported.
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Resorts generated a total revenue of US$3.9 billion (MVR 60 billion) last year, down from US$4.4 billion (MVR 68 billion) in 2022, MATI reported.
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while resort earnings fell last year, earnings in the tourism sector also declined by US$406 million (MVR 6.3 billion) — the sector generated US$5 billion in total last year, compare to US$5.4 billion in 2022.
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Total tourism sector earnings for 2023 stood at US$5 billion, with resort earnings reaching US$3.9 billion and tourism goods and services tax (TGST) on resorts totalling US$481 million, MATI said.
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the sector generated US$5 billion in total last year, compare to US$5.4 billion in 2022.
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Total tourism sector earnings for 2023 stood at US$5 billion, with resort earnings reaching US$3.9 billion and tourism goods and services tax (TGST) on resorts totalling US$481 million, MATI said.
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Resorts account for 85 percent of tourism taxes paid and 90 percent of green tax.
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Resorts account for 85 percent of tourism taxes paid and 90 percent of green tax.
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Despite around 1.7 million tourists visiting the Maldives last year, both tourism revenue and occupancy rates have declined year-on-year.
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Earlier reports gave 192,385 tourists 2 Mar, 18:30 Maldives Republic50,983 tourists 13 Jan, 16:40 Maldives Republic