The preliminary results announced today by the UAE Ministry of Finance showed an increase in revenues at the state level from 133.9 billion dirhams during Q4 of 2021 to 143.1 billion dirhams during Q4 of 2022.
In line with the open data policy followed by the United Arab Emirates, the Ministry of Finance announced today the results of the preliminary government finance statistics report for the fourth quarter (Q4) of 2022, based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund.
The value of tax revenues increased from 58.0 billion dirhams during Q4 of 2021 to 75.0 billion dirhams during Q4 of 2022.
Revenues from social contributions increased from 3.5 billion dirhams during Q4 of 2021 to 3.9 billion dirhams during Q4 of 2022. The results also indicated that the value of other revenues reached 64.2 billion dirhams during Q4 of 2022, compared to 72.4 billion dirhams during Q4 of 2021.
Read more: UAE achieves total revenues of AED 148.1 bn in Q3
In terms of expenditures, the results showed that the expenditures at the state level reached 120.3 billion dirhams during Q4 of 2022, compared to 136.2 billion dirhams during Q4 of 2021. The current expenditures reached 111.2 billion dirhams in Q4 of 2022, compared to 127.9 billion dirhams in Q4 of 2021. Current expenditures consist of workers’ wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers.
The financial operations during Q4 of 2022 resulted in achieving a significant increase in the value of net lending/borrowing. The preliminary results showed an increase at the state level from (-2.2) billion dirhams during Q4 of 2021, to 22.8 billion dirhams during Q4 of 2022. Net lending/borrowing measures governments’ ability to lend or their need to borrow and is considered an indicator of the financial impact of government activity on the economy.
4.2% in non-oil growth
The UAE economy continues to withstand global headwinds and is expected to achieve 4.2 percent in non-oil economic growth by the end of this year, Mohamed Al Hussaini, UAE Minister of State for Financial Affairs, said during a meeting of G20 finance ministers and central bank governors in Bengaluru, India, last month.
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