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UAE likely to project smaller fiscal deficit this year

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With the spending falling faster than expected, the United Arab Emirates is likely to run a smaller fiscal deficit this year than previously projected.

According to statistics the Ministry of Finance, UAE ran a fiscal deficit of Dh13 billion in the third quarter bringing the UAE’s fiscal deficit in the first nine months of the year to Dh34bn – or roughly 2.1 per cent of GDP.

The IMF forecasts that the UAE will run a fiscal deficit of 5.5 per cent this year, and a deficit of 4 per cent next year. To run a deficit that large this year, the UAE would have to run a fiscal deficit of Dh29bn in the fourth quarter.

 

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