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The UAE consolidated government expenditure rose to AED119 billion during Q1 2019, a growth of 21.6 pc as compared with the same period in 2018, according to figures released by the Central Bank of the United Arab Emirates.
In its Quarterly Review, CBUAE said today UAE government expenses went up Y-o-Y by 16.3 percent during Q1 2019.
"Moreover, capital spending, measured by the net acquisition of non-financial assets, rose Y-o-Y by 94.1 percent, reaching AED13.1 bn. As a result, the Net Operating Balance registered a deficit of AED 1.2 bn in 2019 Q1 compared to AED10.4 bn surplus in the previous quarter," the Quarterly Review stated.
Revenue growth rates eased during 2019 Q1, reaching 0.9 pc Y-o-Y compared to 11.5 pc the previous quarter. This slowdown came as a result of the decline in tax revenues by 9.3 pc reach AED42.4 bn compared to AED46.7 billion in the same quarter of 2018.
On the other hand, other revenues offset the decline in tax revenues as they rose by AED5.3 bn, or 9.5 percent, to reach AED61.2 bn compared to AED55.9 bn in the same quarter of 2018.
Social contributions remained relatively stable at AED1.3 bn in 2019 Q1.
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