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Abu Dhabi’s 2011 public spending grows to USD85.65b: IMF

21 Jun 2012

(MENAFN) The International Monetary Fund (IMF) stated that Abu Dhabi’s actual public spending grew to USD85.65 billion last year from USD70.82 billion a year earlier, reported Emirates 24/7.

The Washington-based IMF attributed the increase in both current and development spending to higher oil revenue, with earnings from oil exports reaching USD71.15 billion in 2011 compared with USD46.05 billion.

The surge in oil revenues boosted the emirate’s revenue from USD52.28 billion in 2010 to USD76.45 billion.

However, investment income fell to nearly USD3.32 billion from USD4.27 billion in the previous year.

It is worth noting that Abu Dhabi’s fiscal balance in 2011 posted a USD9.20-billion actual deficit, down from USD18.50 billion in 2010.

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