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FINANCIAL NEWS
Abu Dhabi’s 2010 capital expenditure high at 38.3%
05 Dec 2011
(MENAFN) The Abu Dhabi Department of Economic Development (DED) said that last year, the emirate’s capital expenditure was at 38.3 percent of total public spending, compared with 39.2 percent in 2009, reported Emirates 24/7.
The DED added that the increase, aimed at lessening the effects of 2008’s global financial crisis and weak bank lending, was mostly in spending on wages, which rose to around 10.3 percent of total spending, compared with 9.8 percent in the previous year.
It also said that current spending, which included salaries and government purchases, represented around 61.7 percent of total expenditure in the year, up from 60.8 percent in 2009, moreover, allocations for public development projects jumped to around 12.49 percent over 2009’s 10.9 percent, whereas capital transfers dropped to 24.7 percent in 2010 from around 27.9 percent in the previous year.
It is worth noting that the UAE increased public spending in 2009 to its highest ever levels of USD78.67 billion, in spite of a sharp drop in oil revenue.
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