UAE posts USD30.67b current account surplus in 2011: CB

18 May 2012

(MENAFN) The UAE’s central bank said that in 2011, the country’s current account surplus surged to USD30.67 billion, representing 8.5 percent of gross domestic product (GDP), reported Gulf News.

The bank attributed the growth to the increase in the UAE’s oil and non-oil exports, adding that hydrocarbon exports hiked almost 50 percent in the period to USD111.57 billion.

Moreover, crude exports represented 81 percent of the country’s hydrocarbon exports, whereas gas and petroleum shipments accounted for the rest.

It is worth noting that non-oil sales in 2011 increased 22 percent to USD62 billion, whereas re-exports jumped 23 percent to USD107.92 billion.

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