UAE posts budget surplus in 2022, revenues up 31.8%

UAE posts budget surplus in 2022, revenues up 31.8%

Image courtesy: WAM

The UAE posted a budget surplus in 2022 as revenues grew by a record 31.8 per cent and expenditures jumped by 6.1 per cent, amounting to a projected Dhs427.1bn, according to the Government of Dubai Media Office.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance said the UAE’s fiscal policy enhanced economic growth and the competitive business environment, resulting in the country ranking as the fastest-growing economy in 2022.

The fiscal performance analysis for 2022 released by the Ministry of Finance showed an increase in tax revenues, driven by streamlining and digitising tax procedures, and the intensification of tax awareness campaigns.

The increase in tax revenues also indicates the recovery of economic activity in the country.

حققت دولة الإمارات إنجازاً استثنائياً في مؤشرات الأداء المالي المجمع على كافة المستويات في 2022 شمل تنوعاً في إيرادات الدولة ونمواً قياسياً فيها على أساس سنوي بنسبة 31.8%، فيما بلغت نسبة نمو النفقات 6.1% لتصل إلى 427.12 مليار درهم، ونمواً بنسبة 94.5% في صافي اقتناء الأصول غير… pic.twitter.com/tCPGUeMRdp

— Maktoum Bin Mohammed (@MaktoumMohammed) September 17, 2023

Other sources of revenue also grew by Dhs19.33bn in 2022 while social contributions reached Dhs14.9bn.

“Through balanced fiscal planning, the UAE