The UAE Ministry of Finance (MoF) today published the preliminary results of the UAE Government Finance Statistics Report for the fourth quarter of 2023, unveiling that the government’s revenues amounted to AED155.9 billion.
According to the MoF data, the value of total expenditures amounted to AED131.3 billion consisting of net investment in non-financial 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 fourth quarter of 2023 show the value of net lending/net borrowing amounted to AED24.6 billion. The net lending/net borrowing value is a summary measure of a government’s 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 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.”
Al Khoori added, “The UAE is enhancing its competitiveness, as well as its commitment to fostering a dynamic economic environment and improving its tax system. These are in line with its strategic objectives of diversifying the economy and consolidating its position as a leading global business and investment hub.”
Publishing the preliminary results of the UAE Government Finance Statistics Report for the fourth 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, and 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 UAE 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.
