In line with the open data policy followed by the United Arab Emirates, the Ministry of Finance announced on Wednesday the results of the preliminary government finance statistics report for the third quarter (Q3) of 2022, based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund.

The preliminary results showed an increase in revenues at the state level from Dhs126.3 billion during Q3 of 2021 to Dhs148.1 billion during Q3 of 2022. Revenues from social contributions increased by 10% compared to the same period last year – from Dhs3.4 billion during Q3 of 2021 to Dhs3.8 billion during Q3 of 2022.

In terms of expenditures, the results showed an increase in expenditures at the state level from Dhs91.8 billion during Q3 of 2021 to Dhs96.5 billion during Q3 of 2022 (an increase by 5%).

Current expenditures increased by 7% during Q3 of 2022, to reach Dhs93.0 billion in Q3 of 2022, compared to Dhs87.3 billion in Q3 of 2021. Current expenditures consist of workers’ wages, use of goods and services, consumption of fixed capital, paid interest, subsidies, grants, social benefits, and other transfers.

The Ministry of Finance (MoF), in cooperation with the Government Financial Policy Coordination Council’s technical team, recently held a series of field visits to the local finance departments to discuss the developments and requirements of government finance statistics nationally.

Younis Haji Al Khoori, Under-Secretary of Ministry of Finance, said, “The Ministry of Finance is keen to continue working and coordinating with all local finance departments to ensure the provision of accurate and high-quality financial and statistical data nationally, and in accordance with the best international standards and practices.”

He said, “Organising such visits comes within the Ministry of Finance’s efforts to inform the specialists of the workflow frameworks and trends related to collecting and disseminating government finance statistics, and to discuss common technical issues. All of which comes with the aim of improving the quality of financial reports in the country, supporting the development process, and achieving sustainable financial stability.”

The meetings sought to discuss the challenges that hinder the provision of quarterly and annual data for the year 2022 and devising appropriate solutions to them, as well as to review the quarterly government finance statistics reports for the year 2022. This is in addition to the “recommendations to improve the quality of data 2021” report, the requirements of the draft balance sheet at the UAE’s level, and the methodology for preparing a statement of sources and uses of cash according to the Government Finance Statistics Manual 2014 (GFSM 2014) guide.

During the meetings, participants reviewed the requirements of the Climate and Environment Platform initiative of the International Monetary Fund.

Last week, Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, announced that Dubai’s GDP grew 4.6% year-on-year to Dhs307.5 billion during the first nine months of 2022 compared with the same period last year.

According to the latest economic report by the Dubai Digital Authority’s Dubai Statistics Centre, ‘Wholesale and Retail Trade’ accounted for 24.1% of Dubai’s GDP during the January-September period this year, maintaining its position as the top contributor to the emirate’s economy. In terms of growth, the hospitality and F&B services outperformed all other sectors, with a year-on-year increase of 28% during the year’s first nine months.

Among notable sectoral performances is the remarkable growth in ‘Transport and Storage,’ accounting for 2.5 percentage points or more than half of the 4.6 percentage-point growth in Dubai’s GDP in the first nine months of 2022. The fact that the sector’s contribution to the overall GDP stood at just 11.6% during the period underscores the dynamism of Dubai’s economy, highlighting how different activities and sectors integrate to lend robustness and strength to the emirate’s economy.

The Wholesale and Retail Trade sector reached a value of Dhs74 billion during the first nine months of 2022, growing by 1.6% compared with the same period in 2021. The activity accounted for 24.1% of Dubai’s nine-month GDP and contributed 9% (more than 0.4 percentage points) to the emirate’s GDP growth. Dubai’s vibrant retail sector is the world’s top market for international brands. It is also a thriving hub for international trade and re-export, connecting the East with the West for foodstuff, commodities, and consumer and capital goods, among others.

Earlier, Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has said that the UAE’s non-oil foreign trade grew by 19 per cent by the end of the third quarter of 2022 to reach Dhs1.637 trillion compared to the same period last year.

He also pointed out that the country’s total non-oil foreign trade during 2022 will cross Dhs2 trillion, by a large margin, compared to Dhs1.9 trillion by the end of 2021.

Agencies