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The United Arab Emirates’ state revenues totalled 463.9 billion dirhams ($126.3 billion) in 2021, up 26% from 2020, state news agency WAM reported on Tuesday, citing the finance ministry.

State expenditure totalled 402.4 billion dirhams in the same period, up 1% on 2020, WAM said.

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The figures pointed to an overall surplus of 61.5 billion dirhams last year.

WAM said “social contributions” rose by 5% to 13.5 billion dirhams in 2021.

Current expenses rose 8% to 382.4 billion last year. That includes workers’ compensation, use of goods and services, consumption of fixed capital, interest paid, subsidies, grants, social benefits and other transfers.

The UAE’s federal government said in June it aimed to boost this year’s federal budget by 1.23 billion dirhams, which would increase the budget announced in October to just over 60 billion dirhams.

In addition to the federal budget, which is a fraction of consolidated state spending but often an indication of official plans for the economy, individual emirates such as capital Abu Dhabi and business hub Dubai also have their own budgets.

($1 = 3.6728 UAE dirham) (Reporting by Lilian Wagdy Writing by Moataz Mohamed and Yousef Saba Editing by Mark Potter)