UAE government’s surplus hits $18.5 billion in 2018 as revenues rise
The UAE government’s surplus posted $18.5 billion in 2018, according to the latest figures released by the Ministry of Finance.
The surplus increase is attributed to the rise in the UAE Government’s revenues, which hit $124 billion in 2018, while expenditures totalled $105.5 billion.
Earlier, the Federal Competitiveness And Statistics Authority announced that the government’s surplus recorded $7.6 billion in the first nine months of 2018.
The surplus increase was attributed to the rise in the UAE Government’s revenues, which hit $83 billion in 2018’s first nine months, an increase of 4.8 per cent compared to the same period of 2017.
Meanwhile, the expenditures increased from $70.5 billion to $75 billion during the same monitoring period. Total current expenditure as well as capital expenditure also increased by 4.8 per cent in the third quarter of 2018, resulting in the net operating balance recording a deficit of $681 million in the third quarter of 2018, compared to a surplus of $5.9 billion in the previous quarter.
Oil price improvements in the second and third quarters of 2018 as well as ongoing fiscal reforms; have contributed to diversifying non-energy revenues sources, raising the total government revenues.
Source: Gulf News