UAE govt revenue surges 7% in fourth quarter to $39b


UAE government revenue rose by about 7 per cent in the fourth quarter of 2022 as the Arab world’s second-largest economy continues to rebound from the coronavirus pandemic on the back of government initiatives and higher oil prices.

Total revenue for the three months to the end of December climbed to Dh143.1 billion ($39 billion), the Ministry of Finance said.

Tax revenue surged 29 per cent to Dh75 billion while revenue from social contributions rose more than 11 per cent to Dh3.9 billion.

Business activity in the UAE’s non-oil private sector economy grew at its strongest pace in four months.

The seasonally adjusted S&P Global purchasing managers’ index reading climbed to 54.3 last month, up from 54.1 in January, well above the neutral 50 mark that separates growth from contraction.

Government expenditure during the three-month period decreased to Dh120.3 billion, from Dh136.2 billion during the same period in the previous year, the preliminary data shows.—The National