Source: Emirates 24|7
Country’s real fiscal balance is reflected in its consolidated financial account
The UAE federal budget recorded an actual surplus of around Dh6.47 billion in the first half of 2013 although the government has issued a balanced budget for the year.
Actual revenue stood at around Dh31.82 billion and spending at Dh25.35 billion in the first half of this year, according to a report by the Ministry of Finance carried by the semi official Arabic language daily Alittihad.
the UAE, the second largest Arab economy after Saudi Arabia, has projected full-year expenditure at Dh57.59 billion and revenue at Dh57.6 billion as part of a strategy intended to achieve a balance between spending and earnings.
The strategy was adopted a few years ago to maximize revenue and rationalize expenditure to maintain a fiscal balance following years of deficits.
Theoretically, the federal budget is financed through half the income of each emirate but in effect, most of the funds come from oil producers Abu Dhabi and Dubai.
The UAE’s real fiscal balance is reflected in its consolidated financial account, which covers the federal budget and spending by each of the seven emirates.