$10bn budget surplus for UAE

DUBAI: The UAE booked a consolidated state budget surplus of 36.2 billion dirhams ($9.9bn) in 2011, the country’s finance ministry said yesterday, publicly releasing such data for the first time.

The ministry said the figure included the federal budget as well as the fiscal balances of all seven desert emirates which form the UAE.

Saeed Al Yateem, executive director of revenue and budget at the ministry, said the data would now be released every quarter starting next year.

The surplus revealed yesterday was equivalent to 2.9 per cent of the 2011 gross domestic product of the UAE, according to a Reuters calculation.

The country posted a deficit of 23bn dirhams or 2.1pc of GDP in 2010, according to an International Monetary Fund report.

gulf-daily-news, October 16, 2012