The UAE shares government income and expenditure details topping over $42 billion

 

• The UAE government’s revenues amounted to AED AED155.9bn ($42.4bn).
• the total expenditures amounted to AED AED131.3bn ($35.8bn)
• Net lending and net borrowing value was AED 24.6bn ($6.7bn).

The UAE Ministry of Finance has released the preliminary results of the UAE Government Finance Statistics Report, which covers the fourth quarter of 2023.

The report reveals that the UAE government’s revenues amounted to AED AED155.9bn ($42.4bn).

The report also shows that the total expenditures amounted to AED AED131.3bn ($35.8bn) and included net investment in non-financial assets and current expenses such as employees’ wages, goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers.

Furthermore, the report indicates that the net lending/net borrowing value, which is a summary measure of a government’s ability to lend or their need to borrow, was AED 24.6bn ($6.7bn).

This value is an indicator of the financial impact of government activity on other sectors of the economy.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, stated that the UAE government is committed to diversifying its revenue sources while ensuring optimal use of financial resources and improved efficiency of government spending.

The aim is to enhance the country’s competitiveness and economic sustainability.

Al Khoori added that the UAE is working towards fostering a dynamic economic environment, improving its tax system, and consolidating its position as a leading global business and investment hub.

The report follows the open data policy of the UAE and is based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund. Government Finance Statistics (GFS) measures the financial activities of the government in an economy and its allocation of resources.

These statistics are crucial in sound financial analysis and monitoring public expenditures.

They play a pivotal role in setting financial programmes and monitoring economic policies.

Government Finance Statistics is a key type of macroeconomic statistics that serves political leaders, decision-makers, researchers, and those interested in the financial sector, making it one of the statistics of high local and international interest.

The UAE Ministry of Finance’s open data portal allows access to data that developers, researchers, the media, and the public can use in line with the concept of open government data and the era of digital transformation.