The UAE's current account surplus quadrupled to AED112.7 billion ($30.7 billion) in 2011 as both crude and non-oil exports soared, central bank said in its annual report. Last year's outcome is smaller than the IMF estimate for a surplus of 9.2 percent of GDP, released following regular consultations with the country in February and March. However, the UAE's economic growth is forecast to ease to 3.1 percent this year, a Reuters poll showed in March, from the IMF estimated 4.9 percent in 2011, partly due to a global slowdown. The value of UAE hydrocarbon exports surged nearly 50 percent to AED409.9 billion last year ($111 billion), helped by robust oil prices and higher output as a part of the OPEC drive to help cover shortfalls due to a civil war in Libya. Crude accounted for 81 percent of hydrocarbon exports of the UAE, one of the world's top five oil exporters, with the rest almost evenly divided between gas and petroleum products. Non-oil exports jumped 22 percent to AED228 billion, while re-exports rose 23 percent to AED396.5 billion, the data showed. Imports to the $360 billion economy, the second largest in the Arab world, were also up 23 percent last year, at AED742.4 billion. The net balance on the UAE capital and financial account turned negative in 2011, reaching AED60.4 billion, which indicates a net outflow of capital from the UAE, the central bank said. “This was due mainly to a net outflow of capital by the public sector, in the amount of AED95 billion, while the net inflow of private capital was in the amount of AED34.6 billion in 2011,” it said. Direct investment soared 40 percent to AED28.2 billion in 2011, the highest level since AED50.4 billion in 2008. Foreign currency assets increased to AED169.4 billion in 2011 from AED153.4 billion in the previous year. Its investments abroad into highly rated securities, government bonds and treasury bills rose to AED72.3 billion from AED68.4 billion in 2010.
