(MENAFN) UAE's undersecretary and director-general at the finance ministry, Younis al-Khouri, stated that in the first half of the current year, the country's federal budget deficit has expanded to USD762 million, reported Reuters.
Al-Khouri said that the shortfall resulted from lower-than-forecasted revenue, which reached USD4.89 billion, representing 43 percent of the planned amount for all of 2012.
On the other hand, spending reached USD5.65 billion, accounting for 50 percent of the planned amount for the whole year.
The government has initially projected a USD108.87 million deficit for the current year, with expenditure of USD11.37 billion.
It is worth noting that the federal budget represents nearly 11 percent of total fiscal expenditure in the UAE.
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