These statistics are an essential element in sound financial analysis, monitoring public expenditures, and play a pivotal role in setting financial programmes and monitoring economic policies…reports Asian Lite News
The preliminary results of the UAE Government Finance Statistics Report for the first quarter of 2023, published by the Ministry of Finance today, revealed that the government’s revenues amounted to AED115.6 billion, and its expenditures totaled AED92.5 billion.
Total revenues included AED63.5 billion of tax revenues, AED3.9 billion of revenues from social contributions, and AED48.2 billion of other revenues from property income, sales of goods and services, fines and penalties, and transfers not elsewhere classified.
According to the Ministry of Finance’s data, the value of total expenditures amounted AED92.5 billion consisting of net investment in nonfinancial assets and current expenses, including employees’ wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers.
The results of financial transactions during the first quarter of 2023 shows the value of net lending/net borrowing amounted to AED23.2 billion. The net lending/net borrowing value is a summary measure of a governments’ ability to lend or their need to borrow, and an indicator of the financial impact of government activity on other sectors of the economy.
Younis Haji Al Khouri, Undersecretary of Ministry of Finance, said: “These results reflect the efficiency of government expenditure and effective utilisation of financial resources in directing them to priority strategic sectors. It also showcases the advancement of the government’s financial framework and its success in developing new and diversified sources of government revenue away from oil, and adopting effective financial policies to manage and develop the government’s financial resources.”
He added: “The government’s financial performance enhances the UAE’s competitiveness and its move towards sustainable socio-economic development. The World Bank projects that the UAE’s non-oil sector is expected to achieve strong growth by the end of 2023, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors.”
Publishing the preliminary results of the UAE Government Finance Statistics Report for the first quarter of 2023 is in line with the open data policy followed by the United Arab Emirates and based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund. Government Finance Statistics (GFS) shows the total volume of government operations in the country and measures the financial activities of the government in an economy, and the government’s allocation of resources.
These statistics are an essential element in sound financial analysis, monitoring public expenditures, and play a pivotal role in setting financial programmes and monitoring economic policies. It 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. Therefore, the open data portal in the Ministry of Finance allows access to data that can be used by developers, researchers, the media, and the public, in line with the concept of open government data and the era of digital transformation.