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FINANCIAL NEWS
UAE records fiscal surplus of USD19.46b in 2011
12 Apr 2012
(MENAFN) The Institute of International Finance (IIF) said that last year, the UAE’s fiscal surplus reached USD19.46 billion from a deficit of USD8.02 billion in 2010, reported Emirates 24/7.
The Washington-based finance organization added that the rebound into a surplus in 2011, which accounted for around 5.3 percent of gross domestic product (GDP), was driven by a 50 percent increase in oil prices.
It also said that in the year, the country’s total revenue grew to USD120.72 billion, compared with USD85.77 billion a year earlier, whereas earnings from oil exports surged to USD96.22 billion from USD65.13 billion.
It is worth noting that in 2012, the UAE is forecasted to record a surplus of nearly USD9.66 billion, however, revenues are expected to drop to USD113.48 billion, as oil earnings are projected to fall to about USD85.71 billion.
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