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  • 12-04-12

    UAE records fiscal surplus of USD19.46b in 2011

    (MENAFN) The Institute of International Finance (IIF) said that last year, the UAE's fiscal surplus reached USD19.46 billion from a deficit of USD8.02 billion in 2010, reported Emirates 24/7. The Washington-based finance organization added that the rebound into a surplus in 2011, which accounted for around 5.3 percent of gross domestic product (GDP), was driven by a 50 percent increase in oil prices. It also said that in the year, the country's total revenue grew to USD120.72 billion, compared with USD85.77 billion a year earlier, whereas earnings from oil exports surged to USD96.22 billion from USD65.13 billion. It is worth noting that in 2012, the UAE is forecasted to record a surplus of nearly USD9.66 billion, however, revenues are expected to drop to USD113.48 billion, as oil earnings are projected to fall to about USD85.71 billion.

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