The World Bank projects the UAE’s non-oil sector is expected to achieve strong growth by the end of 2023 driven by robust domestic demand
The UAE Government Finance Statistics Report for the first quarter of 2023 showed that its revenues reached Dhs115.6bn. The preliminary results published by the Ministry of Finance revealed the government’s revenues and expenditures for the first quarter.
The Government Finance Statistics shows the total volume of government operations in the country and measures the financial activities of the government in an economy, and the government’s allocation of resources.
UAE’s revenue
The revenues included Dhs63.5bn of tax revenues, along with Dhs3.9bn of revenues from social contributions, and Dhs48.2bn of other revenues from property income, sales of goods and services, fines and penalties, and transfers not elsewhere classified.
According to the Ministry of Finance’s data, the total expenditures amounted to Dhs92.5bn comprising net investment in non-financial assets and current expenses, including employees’ wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers as reported in the UAE Government Finance Statistics Report for Q1.
Net lending/net borrowing, an indicator of the financial impact of government activity on other sectors of the economy, stood at Dh23.2 billion.
“These results reflect the efficiency of government expenditure and effective utilisation of financial resources in directing them to priority strategic sectors. It also showcases the advancement of the government’s financial framework and its success in developing new and diversified sources of government revenue away from oil, and adopting effective financial policies to manage and develop the government’s financial resources,” said Younis Haji Al Khouri, Undersecretary of Ministry of Finance.
He added: “The government’s financial performance enhances the UAE’s competitiveness and its move towards sustainable socio-economic development. The World Bank projects that the UAE’s non-oil sector is expected to achieve strong growth by the end of 2023, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors.”
Open data policy
Publishing the preliminary results of the UAE Government Finance Statistics Report for the first quarter of 2023 in line with the open data policy followed by the United Arab Emirates and is based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund.
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