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FINANCIAL NEWS
UAE’s 2010 fiscal deficit down to USD3.8b
15 Feb 2012
(MENAFN) The Arab Monetary Fund (AMF) said that the UAE’s budget deficit in 2010 declined to USD3.8 billion from nearly USD33.9 billion a year earlier, reported Emirates 24/7.
The AMF added that strong crude prices boosted revenue, allowing Arab countries to achieve a surplus in 2010, compared with deficits in 2009.
The fund also said that UAE’s budget surplus recorded its highest point in 2008, at around USD51.7 billion, when oil prices rose to around USD95 per barrel, and the country’s oil output reached about 2.6 million barrels per day.
It is worth noting that the steep drop in UAE’s fiscal deficit resulted from a decline in expenditure to USD89.5 billion, compared with USD102.7 billion in 2009, moreover, the UAE’s revenue surged to USD85.7 billion from nearly USD68.3 billion in the previous year.
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