UAE Federal ministries report total revenues in H1 that represent over 75% of total budgeted amount for 2018
UAE Federal ministries have reported total revenues of AED39 billion ($10.6 billion) during the first half of 2018, well ahead of budget, according to official figures.
A financial performance report released by the UAE's Ministry of Finance revealed that 2018 revenues in H1 represent 75.9 percent of the total actual budget of AED51.388 billion.
Expenditure amounted to AED33.2 billion in the first six months of the year, with the ministries recording 64.6 percent of implementation, achieving a budget surplus of AED5.8 billion, state news agency WAM reported.
Revenue growth hit 4.2 percent during H1 comparatively with the first half of 2017, while expenditures increased 8.2 percent during the same monitored period, it added.
According to the report, the MoF's revenues during H1 stood at AED27.67 billion, accounting for 71 percent of the total federal ministries' revenues.
The Ministry of Human Resources and Emiratisation's revenues totaled AED5.5 billion, while the Ministry of Health and Prevention's reached AED477 million, with the remaining revenues divided among other ministries.
Expenditures on public services, including bonuses, social benefits and other expenses, totalled AED8.74 billion, comprising 28.6 percent of the total federal ministries' expenditure during the first six months of the year.
Expenditure in the education sector reached AED4.1 billion; AED2.4 billion for health sector and AED2.3 billion for the Ministry of Community Development, WAM added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.