Saturday 30 May 2020

UAE govt spending tops $32 billion in Q1

ABU DHABI, September 23, 2019

The UAE consolidated government expenditure rose to Dh119 billion ($32.4 billion) during the first quarter (Q1) of 2019, a growth of 21.6 per cent as compared with the same period in 2018, a media report said.

UAE government expenses went up Y-o-Y by 16.3 percent during Q1, reported Emirates news agency Wam, citing the Quarterly Review released by the Central Bank of the United Arab Emirates.

"Moreover, capital spending, measured by the net acquisition of non-financial assets, rose Y-o-Y by 94.1 percent, reaching Dh13.1 billion. As a result, the Net Operating Balance registered a deficit of Dh 1.2 billion in 2019 Q1 compared to Dh10.4 billion surplus in the previous quarter," the Quarterly Review stated.

Revenue growth rates eased during 2019 Q1, reaching 0.9 per cent Y-o-Y compared to 11.5 per cent the previous quarter. This slowdown came as a result of the decline in tax revenues by 9.3 per cent reach Dh42.4 billion compared to Dh46.7 billion in the same quarter of 2018.

On the other hand, other revenues offset the decline in tax revenues as they rose by Dh5.3 billion, or 9.5 percent, to reach Dh61.2 billion compared to Dh55.9 billion in the same quarter of 2018.

Social contributions remained relatively stable at Dh1.3 billion in 2019 Q1.


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