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FINANCIAL NEWS
UAE oil revenues hit USD124.7b in 2012: IIF
18 Apr 2013
(MENAFN) The Institute for International Finance (IIF) stated that the UAE’s oil revenues rose by around 5 percent last year to nearly USD124.7 billion from USD119 billion in 2011, reported Emirates 24/7.
The IIF attributed the record-high revenues to an increase in the country’s oil production and the rise in global oil prices.
The higher oil earnings and the expansion in several non-oil sectors are estimated to have enhanced the country’ s gross domestic product (GDP) by 6.5 percent in current prices in 2012 to about USD375 billion from USD352 billion a year earlier.
For the current year, the UAE’s oil revenues are projected to fall to USD121.9 million, while GDP is projected to reach USD393 billion and to hit USD410 billion in 2014, according to the Washington-based institute.
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