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The UAE government saw its revenues jump in double digits during the third quarter of the year as economic activity has rebounded after the coronavirus pandemic.
Total revenues for the quarter reached AED 148.1 billion ($40 billion), growing by 17.2% from AED 126.3 billion recorded a year ago, according to the latest data from the Ministry of Finance.
Revenues from social contributions stood at AED3.8 billion, up by 10% from AED 3.4 billion during the third quarter of last year.
The UAE government’s total expenditures also grew by 5% to AED 96.5 billion during the same period, according to the preliminary results released on Wednesday.
As for current expenditures, the government recorded a 7% growth from AED 87.3 billion in the third quarter of 2021 to AED 93 billion in the same period this year.
Current expenditures include workers’ wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits and other transfers.
The International Monetary Fund (IMF) said in November that the UAE has witnessed strong economic growth so far, underpinned by a rebound in domestic activity. High oil prices have also led to an increase in fiscal and external surpluses.
The country is expected to finish the year with a GDP growth of more than 6%, compared to 3.8% in 2021.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
