The government of the United Arab Emirates (UAE) recently approved the federal budget for 2002 with a deficit of $591 million, reported the official WAM news agency. Spending is forecasted at 23.2 billion Emirati dirhams ($6.3 billion), down from last year's $6.17 billion and revenues of Dh21 billion compared with $5.56 billion in 2001.
The UAE’s gross domestic product (GDP) fell by four percent from Dh259 billion ($70 billion) in 2000 to Dh 249 billion in 2001 as a result of the drop in oil prices caused by the September 11 terrorist attacks on the United States.
The UAE links seven separate emirates that traditionally adopt the budget well into the fiscal year, which runs from January to December. The majority of funds are provided by Abu Dhabi and Dubai, the largest and wealthiest members of the federation. Each emirate also approves its own budget. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
