DUBAI — The United Arab Emirates (UAE) saw a revenue increase of 31.8% in 2022 compared to the year before, the country’s Ministry of Finance reported Sunday.
The ministry wrote in a tweet that "a 31.8% year-on-year growth in revenues" was recorded in 2022, citing Finance Minister Sheikh Maktoum bin Mohammed bin Rashid. It did not provide a monetary figure for the 2022 full-year value.
The UAE saw gains last year attributed to a “quantum leap” in government revenue due to tax revenue growth, in addition to local economic activity that grew by $5.26 billion, according to the state’s 2022 fiscal performance analysis results stated by the Emirates News Agency (WAM).
The ministry also reported a 6.1% increase in expenditure last year compared to 2021, which amounted to an approximate total of $116.3 billion, according to the Sunday tweet from the Finance Ministry.
“Despite the increase in revenues, the UAE has maintained a cautious and rational spending policy, with this surplus allowing for stronger fiscal buffers to mitigate the impact of potential financial risks,” reported state news agency WAM.
The Gulf state’s gross domestic product (GDP) increased 7.6% in 2022, which is about double the increase in GDP the year before, as the country was rebounding from the impact of the coronavirus pandemic, said Minister of Economy Abdullah Al Marri in March, and actively developing its non-oil sectors in tourism, technology and trade among other sectors.
Also last year, the UAE recorded its highest inflow of foreign direct investment ever at nearly $23 billion, reported the United Nations in July.