Tourism revenue in the Maldives declined by $500 million in the first 10 months of this year compared to the same period last year, according to data from the Maldives Monetary Authority (MMA).
The sector generated $2.9 billion from January to October this year, down from $3.4 billion during the same period in 2023.
Despite the decline in revenue, the occupancy rate improved, rising to 59 percent this year compared to 57 percent last year.
January recorded the highest monthly revenue for the year, generating $589 million, while the lowest revenue was recorded in May at $213 million.
Tourist arrivals, however, increased by nine percent, with 1.8 million visitors reported so far this year. The rise in arrivals has contributed to the improved occupancy rate, even as overall revenue declined.
The MMA has not disclosed specific reasons for the revenue decrease, though external factors, low rates charged by resorts and shifting spending patterns may have influenced the sector.
