The public budget in the UAE increased 32% in June this year to reach 650 billion Dirhams ($176 billion), a rise from 491.4 billion Dirhams in June 2022. 

This is according to a report published by the Emirates News Agency, WAM.  

Referencing data from the Central Bank of the UAE (CBUAE) for June, the report showed a month-on-month rise of 0.2% in the Emirates’ public budget. The final figure for the month stood at 649.42 billion Dirhams, a rise of 1.3 billion Dirhams compared to May’s 648.12 billion Dirhams, Arab News reports.

“This momentum extended into the current year with a 17.5% rise since the start of the year, compared to some 552.5 billion Dirhams at the end of December 2022, an increment of 97 billion Dirhams during the year’s first half,” the Emirates News Agency report stated.

Furthermore, the central bank received 257.2 billion Dirhams from cash and bank balances in June this year, whilst investments designated for maturity reached 211.32 billion Dirhams, the WAM report states. 

The bank also noted deposits of 135.34 billion Dirhams, as well as loans and advances at 4.18 billion Dirhams. Other assets stood at 41.38 billion Dirhams.    

In addition, the Central Bank of the UAE affirmed the country’s foreign assets increased from 592.11 billion Dirhams in June to 590.19 billion Dirhams the month before.

“The UAE’s current account balances and deposits with banks abroad amounted to 363.23 billion Dirhams by the end of June 2023, from 361.78 billion Dirhams in the previous month,” the WAM report added, quoting CBUAE data.

Moreover, back in June the central bank forecast the UAE’s oil and non-oil GDP in 2024 would grow by 3.5% and 4.6%, respectively.

The CBUAE’s economic review for Q1 highlighted the stability and adherence to agreed production levels within the oil market, the Arab News report adds, leading to a sustainable economic outlook.