UAE Government Records Revenues Surpassing $42 Billion in Q4 2023
The UAE Ministry of Finance (MoF) has released the initial findings of the UAE Government Finance Statistics Report for the fourth quarter of 2023, indicating that the government's earnings totaled AED155.9bn ($42.4bn).
Based on the data provided by the MoF, the aggregate expenditures reached AED131.3 billion ($35.8 billion). This included current expenses, net investment in non-financial assets, employee salaries, goods and service procurement, fixed capital consumption, interest paid, subsidies, grants, social benefits, and other transfers.
During the fourth quarter of 2023, the results of financial transactions revealed a net lending/borrowing value of AED24.6bn ($6.7bn). This figure serves as a summary gauge of the government's capacity to lend or its necessity to borrow, indicating the financial ramifications of government actions on other sectors of the economy.
Younis Haji Al Khoori, the Under-Secretary of the Ministry of Finance, emphasized the UAE government's commitment to diversifying revenue sources while ensuring the efficient utilization of financial resources and enhancing government expenditure efficiency. This strategic approach aims to positively impact overall development, bolster the country's competitiveness, and foster economic sustainability.
Al Khoori further stated that the UAE is actively enhancing its competitiveness and refining its tax system to support its strategic goals of economic diversification and strengthening its position as a global business and investment hub.
The publication of the preliminary findings of the UAE Government Finance Statistics Report complies with the open data policy of the UAE and the guidelines set forth in the International Monetary Fund's (IMF) Government Finance Statistics Manual. Government Finance Statistics (GFS) offer insights into the comprehensive volume of government operations within the country, measuring the government's financial activities and resource allocation.
These statistics play a crucial role in informed financial analysis, public expenditure monitoring, and policy formulation, serving as a fundamental component of economic policymaking and governance.
The open data portal established by the UAE Ministry of Finance provides access to data for developers, researchers, media professionals, and the general public, in line with the principles of open government data and the ongoing digital transformation era.
