Data from the Maldives Monetary Authority (MMA) reveals a USD 200 million decline in tourist revenue in the past eight months compared to the previous year.
During the first eight months of the current fiscal year, revenue from tourists amounted to USD 2.5 billion (MVR 39 billion), marking a five percentage point decrease when compared to the same period in the previous year when it had reached USD 2.7 billion (MVR 42 billion).
Despite an increase in tourist numbers, from one million to 1.2 million tourists, revenue has fallen. Industry insiders attribute this decline to significant drops in room prices at resorts and guest houses.
The duration of stay and occupancy rates of tourists have also decreased compared to the previous year. On average, tourists spent 7.6 days in the Maldives until September this year, a decrease from the 8.1 days they spent during the same period last year.
The peak tourist revenue for this year occurred in February, with the Maldives receiving USD 460 million (MVR 7 billion). This figure represents a decrease of USD 78 million (MVR 1.2 billion) compared to the previous year’s revenue.
By the end of the last year, the total revenue from tourists had reached USD 3 billion (MVR 46 billion). Flight movements have increased by five per cent this year compared to the previous year, with the number of scheduled flights rising to 1,200 in the current year.