International Monetory Fund (IMF) reported that revenue on oil export earnings of the UAE reached to a high record of Dh395.9 billion in 2012 from nearly Dh361.7 billion in 2011. The 2012 income was estimated at 12.5 per cent above the 2011 revenue of about D439.6 billion, the Washington-based Fund said in a report following a visit to the UAE by an IMF team to prepare for its 2013 IV article on the country.
IMF says the increase in revenue was in both oil and non-oil in addition to the non-hydrocarbon revenue which skyrocketed to Dh98.5 billion from Dh77.9 billion and is projected to continue rising this year to Dh105.3 billion in 2013 and will even increase to Dh114 billion in 2014. The 2013 increase in UAE’s revenue followed a surge in crude oil of its highest levels of 2.6 million barrels per day of which total value of the UAE’s exports of crude oil, gas and condensates hit an all time high of $112 billion in 2012 compared with $109.6 billion in 2011. The report forecast revenue to jump to $108 billion in 2013 and continue its decline to nearly $101 billion in 2014 and $97 billion in 2015.
Although IMF did not specify the fiscal balances for 2011 and 2012, the consolidated fiscal amount (CFA) recorded a gain of Dh71.5 billion although public expenditure remained at one of its highest levels.
In 2010, UAE suffered from a CFA deficit of around Dh 29.5 billion as a result of lower oil prices and a sharp rise in spending as a part of fiscal stimulus measures adopted by the government after the 2008 financial crisis. But nearly 50% in oil prices allowed the country to rebound in 2011 which accounted to the 5.3 per cent of the GDP.