UAE Govt Revenue: $32bn in Q1 Amid Economic Boom & Diversification.
he UAE government's revenue for the first quarter of the year amounted to Dh115.6 billion ($31.5 billion), indicating the country's continued economic growth and progress in diversification efforts.
UAE Government Revenue Surges in Q1 as Economy Thrives
TPreliminary data from the Ministry of Finance revealed that expenditures during the same period stood at Dh92.5 billion. The total revenue includes Dh63.5 billion from taxes, Dh3.9 billion from social contributions, and Dh48.2 billion from property income, goods and services sales, fines and penalties, and other transfers.
UAE Government Expenses and Net Lending/Borrowing in Q1: Dh23.2 Billion Demonstrates Success of Financial Policies in Economic Diversification
Meanwhile, the government's expenses encompassed net investment in non-financial assets and current expenses, which included employee wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers. The net lending/net borrowing, which indicates the financial impact of government activities on other sectors of the economy, amounted to Dh23.2 billion. Younis Al Khouri, Undersecretary in the Ministry of Finance, attributed the positive results to efficient government expenditure and effective utilization of financial resources, demonstrating the success of financial policies in managing and developing resources away from oil.
UAE's Robust Economic Recovery: GDP Grows 7.9% in 2022, Non-Oil Sector Boosts Performance
The UAE's economic recovery from the pandemic-induced slowdown has been robust, supported by higher oil prices and measures to mitigate the pandemic's impact. The gross domestic product increased by 7.9 per cent annually to Dh1.62 trillion at constant prices in 2022, with a strong performance in the non-oil sector. The government's strategic measures, including 100 per cent foreign ownership of companies, intellectual property protection legislation, and talent attraction strategies, have contributed to the resilience of the economy in the face of global challenges.
UAE's Non-Oil Private Sector Activity Surges: PMI Reaches Highest Since June 2019, 5% Growth Forecast for 2023
Business activity in the non-oil private sector in the UAE has shown significant improvement, with last month's purchasing managers' index reaching 56.9, the highest since June 2019. The non-oil growth forecast for this year is at 5 per cent, indicating positive economic outlook. The UAE aims to double the size of its economy to Dh3 trillion by 2031, focusing on non-oil exports and the tourism sector, and the International Monetary Fund has expressed optimism about the country's economic prospects , With strong reform efforts and progress in economic partnership agreements, the UAE's integration in global value chains and attraction of foreign direct investment is expected to increase. The country's commitment to economic diversification and sustainable development bodes well for its competitiveness in the global market.