The UAE Ministry of Finance published today the preliminary results of the UAE Government Finance Statistics Report for the fourth quarter of 2023, shedding light on key aspects of government revenue, expenditures and financial transactions. The report revealed that the government’s revenues amounted to AED155.9 billion ($42.45 billion) during the period.
Key findings
According to the ministry’s data, the UAE government’s total expenditures stood at AED131.3 billion, encompassing net investment in non-financial assets and current expenses across various sectors. This includes employees’ wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits and other transfers.
Meanwhile, the value of net lending/net borrowing amounted to AED24.6 billion. This indicator highlights the government’s ability to lend or borrow and underscores the financial impact of government activities on the broader economy.
Government’s strategic initiatives
Commenting on the results, Younis Haji Al Khoori, under-secretary of the Ministry of Finance, said: “The UAE government is keen to diversify its revenue sources, while also ensuring optimal use of financial resources and improved efficiency of government spending. This will positively reflect on all aspects of development and enhance the country’s competitiveness and economic sustainability.”
The UAE’s strategic objectives include economic diversification and becoming a global business and investment hub. Therefore, it seeks to enhance its competitiveness, foster a dynamic economic environment, and improve its tax system to reach its goals and objectives.
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Open data policy
Publishing the UAE government’s financial data falls in line with the open data policy that the UAE follows. Moreover, the UAE Government Finance Statistics Report for the fourth quarter of 2023 aligns with the International Monetary Fund’s standards of the Government Finance Statistics Manual. The report details the total volume of government operations, measures its financial activities in the economy, and reveals the allocation of its resources.
Therefore, the UAE government’s financial data is a vital element in any sound financial analysis. Moreover, it plays an essential role in monitoring public expenditures, establishing financial programs, and monitoring economic policies. The open data portal in the UAE Ministry of Finance allows access to data that can be used by developers, researchers, the media, and the public. This falls in line with the concept of open government data and the era of digital transformation.
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