(MENAFN- Dubai PR Network)
government revenues reach AED155.9 billion, whereas expenditures amount to AED131.3 billion His Excellency Younis Al Khoori: The UAE government is keen to diversify its revenue sources, while also ensuring optimal use of financial resources and improved efficiency of government spending.
Abu Dhabi, UAE: 14 March 2024 – The UAE Ministry of Finance 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, and its expenditures totaled AED131.3 billion.
According to the Ministry of Finance's data, the value of total expenditures amounted AED131.3 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 fourth quarter of 2023 shows the value of net lending/net borrowing amounted to AED24.6 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.
His Excellency Younis Haji Al Khoori, Undersecretary 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.”
His Excellency 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, monitoring public expenditures, and play a pivotal role in setting financial programs 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.
MENAFN16032024003092003082ID1107984618
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.