VOL. XL
No. 22
2-June-1997
UAE
High Oil Revenue In 1996 Turns UAE Budget DeficitInto Surplus
According to provisional statistics published by the UAE Central Bank, the UAEfederal budget had an actual surplus of Dh3.50bn ($953mn) in 1996, in contrast to the projecteddeficit of Dh850mn ($231mn) envisaged in the budget for that year. The surplus resulted from higheroil revenue, occasioned by firm oil prices, and lower expenditure in 1996. The followingtable shows that revenue increased by 18.3% and...
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