Official figures released on Wednesday have revealed that the United Arab Emirates increased spending by more than $2 billion last year in order to stimulate the domestic economy, despite the fact that revenues from almost all sectors fell fast in 2001.
Releasing its 2001 bulletin, the UAE's Central Bank announced that the consolidated financial account - which takes in federal spending and the local budget of each of the emirates - increased from Dh84.06 billion in 2000 to around Dh93.7 billion in 2001.
Reporting on the release of the annual statement, the Gulf News service revealed that the increase in expenditure was mainly due to an increase in spending on development, allocations for subsidies, and the country's financial commitments.
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