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FINANCIAL NEWS
UAE’s fiscal balance posts surplus of 2.9% of GDP in 2011
10 Sep 2012
(MENAFN) UAE’s central bank governor, Sultan bin Nassir al Suwaidi, stated that last year, the country had a good financial position, with its fiscal balance recording a surplus of around 2.9 percent of GDP, driven by high oil prices, reported Emirates 24/7.
Al Suwaidi said that the increase in the surplus is compared with a deficit of 2.2 percent in 2010.
He added that real gross domestic product (GDP) in 2011 expanded by about 4.02 percent, up from 0.9 percent a year earlier.
Moreover, liquidity stayed at an acceptable level, with banks investing around USD21.77 billion in the Central Bank’s certificates of deposits by the end of last year.
It is worth noting that in 2011 and the first half of the current year, provisions allocated by the UAE’s 51 banks reached around USD5.17 billion, whereas at the end of June, provisions hit USD17.14 billion.
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BBK discloses its financial results for the year ended 31st December 2025
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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