The United Arab Emirates' public finances swung into a surplus of 2.9 percent of economic output in 2011 after two years of deficits as robust oil income offset an increase in government spending, a report by the International Monetary Fund showed.
The world's No. 3 oil exporter booked a consolidated fiscal surplus of 38.6 billion dirhams ($10.5 billion) compared with a deficit of 23.0 billion, or 2.1 percent of gross domestic product, in 2010, according to Reuters calculations based on IMF estimates and government data.
However, the 2011 surplus was only a fraction of fiscal surpluses enjoyed before the global financial crisis. They averaged 167 billion dirhams annually in 2006-2008.
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