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FINANCIAL NEWS
UAE’s inflation boosts 11 percent in 11 months
20 Feb 2014
(MENAFN) UAE’s inflation rate saw a 11 percent rise in the first eleven months of 2013 on the back of the growing housing costs, according to Khaleej Times.
Rental rates for mid-range villas and apartments boosted by about 20″30 percent in the first nine months of 2013 compared to the same period of 2012.
The UAE is expected to have recorded a budget surplus in 2013.
The alternate asset management company Al Masah said: “Although 2013 figures are not yet available, in light of prioritised spending on social welfare and development, the UAE”s fiscal surplus is likely to have dipped a bit from around 8.6 per cent of GDP recorded in 2012. For 2014, a federal budget of $12.5 billion was approved, with a majority of it allocated to the health sector, followed by expenses for government services and housing development projects. The UAE is estimated to have a budget surplus of 6.9 per cent of GDP in 2013 and 6.6 per cent of GDP in 2014.”
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