The UAE government’s revenue reached 115.6 billion dirhams ($31.47 billion) in the first quarter of 2023, as expenditure stood at AED 92.5 billion ($25.5 billion), according to preliminary data issued by the Finance Ministry on Tuesday.

Total revenue included AED 63.5 billion of tax revenue, AED 3.9 billion from social contributions and AED 48.2 billion from other sources such as property income, sales of goods and services, fines and penalties, and transfers, a statement said.

The total government expenditure of AED 92.5 billion comprised 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 figures implies an estimated surplus of AED 23.1 billion.

Net lending/borrowing reached AED 23.2 billion in the first quarter 2023, according to the data.

In March, the UAE Central Bank said the economy expanded 7.6% in 2022, about double that in the previous year.