UAE government revenue reaches Dh115.6 billion, expenses at Dh92.5 billion in Q1 2023
The value of net lending/net borrowing amounted to Dh23.2 billion during the period
Abu Dhabi: The UAE government’s revenues in the first quarter of 2023 stood at Dh115.6 billion, while expenditures totalled Dh92.5 billion, the Ministry of Finance said on Tuesday.
According to the preliminary results of the UAE Government Finance Statistics Report for the first quarter, total revenues included Dh63.5 billion in tax revenues, Dh3.9 billion in revenues from social contributions, and Dh48.2 billion of other revenues from property income, sales of goods and services, fines and penalties, among others.
The expenditures comprised 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.
The value of net lending/net borrowing amounted to Dh23.2 billion during the period.
Younis Haji Al Khouri, Undersecretary of Ministry of Finance, said: “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.”
“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.”