A massive increase in oil exports boosted the UAE's current account surplus by nearly 13 per cent in 2008 after it plunged by nearly 45 per cent in 2007 because of high imports, official figures showed yesterday.
Despite a further increase in imports of goods and services, heavy expatriate transfers, payments for foreign oil partners and a sharp fall in investment income, the current account surplus widened to about Dh81.8 billion in 2008 from Dh72.1bn in 2007, the Ministry of Economy said in a new report.
The increase followed a sharp decline in the 2007 surplus from a record Dh132.3bn in 2006, when oil prices were relatively high and imports were low.
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