UAE public spending hits AED87.4 billion in Q1 2022

According to the Ministry of Finance, the UAE’s total public expenditure in the first quarter of 2022 was AED87.4 billion, an increase of 19.6%, equivalent to AED14.34 billion, compared to AED73.7 billion in the same period last year.

According to the state news agency, WAMthe figures also underscore the fact that the country’s public spending in the first quarter of 2022 includes AED 28.7 billion in employee compensation payments, compared to AED 24.6 billion in the same period in 2021, an increase of 16.6%, equivalent to 4.1 billion dirhams.

Employee compensation is the sum of cash and in-kind incentives paid to government employees, including wages or salaries, allowances, bonuses and other benefits, and social contributions paid to social insurance schemes on behalf of employees.

Public expenditure includes the use of goods and services worth AED 30.9 billion, as well as AED 14.1 billion in social benefits, AED 6.4 billion in financial assistance, AED 1.7 billion in interest, AED 1.6 billion in fixed capital Expenditures, AED 304 million in grants, and AED 3.8 billion in other expenses.

The statistics also showed that the revenue for the first quarter of 2022 was AED123.8 billion, an increase of 39.1% or equivalent to AED34.8 billion compared to AED88.9 billion in the same period of 2021.

The distribution of revenue for the first quarter includes AED 56.7 billion worth of taxes on companies extracting oil and producing gas, banks operating in the country, customs fees and other taxes, while social contribution was AED 4.9 billion and other income was AED 622. billion dirhams.

The Ministry of Finance said the government’s financial statistics are reports of national and international interest as they highlight the total value of the government’s operations in the country, as well as the contribution of the government sector to the national economy and the government’s use for various purposes.