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FINANCIAL NEWS
UAE’s budget surplus at USD9.9b in 2011
16 Oct 2012
(MENAFN) The UAE’s finance ministry announced that the country’s budget posted a surplus of USD9.9 billion last year, below the International Monetary Fund’s (IMF) June estimates, reported Arabian Business.
In June, the IMF estimated the country’s fiscal balance to have returned to a surplus of USD10.50 billion last year, following two years of deficits, with 2010’s budget gap standing at USD6.26 billion, which equals 2.1 percent of gross domestic product (GDP).
The ministry said that spending in 2011 stood at USD93.54 billion, whereas revenue reached USD103.40 billion, notably less than the IMF estimates of USD109.28 billion in expenditure and USD119.78 billion in revenues.
It is worth noting that during the current year, the UAE’s federal budget, which represents just 11 percent of overall fiscal spending, is forecasted to post a deficit of nearly USD544 million.
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