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FINANCIAL NEWS
UAE turns back to fiscal surplus in 2011: IMF
11 Jun 2012
(MENAFN) A recent report released by the International Monetary Fund (IMF) showed that UAE’s public finances shifted to a surplus of 2.9 percent of GDP in 2011, Reuters reported.
The Gulf nation reached the surplus after two years of deficits, helped by higher oil income which made up for an increase in government spending, the report explained.
Based on IMF estimates and government data, UAE achieved a USD10.5 billion fiscal surplus last year compared with a USD6.3 billion deficit in 2010.
The data consolidate the accounts of the federal government with those of Abu Dhabi and Dubai, the two largest emirates in the seven-member UAE, as well as Sharjah.
Government spending in the UAE jumped over 19 percent to USD109.3 billion in 2011, according to the IMF.
The government’s expenditure on economic development rose 5 percent to USD10.15 billion in 2011, while spending on subsidies and transfers soared over 31 percent to USD14.6 billion.
The report estimated the oil-rich nation’s revenue to have jumped 41 percent to USD119.8 billion, driven by hydrocarbon income accounting for over 82 percent.
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