Dubai's economy is expected to have grown by around 2.2 percent in real terms last year, emerging from a similar contraction in the previous year, the Arab emirate's statistics office said on Sunday.
The global financial crisis shelved projects worth billions of dollars in Dubai, a trade-focused member of the United Arab Emirates known for artificial palm-shaped islands. Its economy was further hit by debt troubles in state-owned firms last year.
But recovery in trade flows and tourism was seen helping lift 2010 growth of the oil-wealth lacking emirate, which accounts for almost a third of the UAE's gross domestic product.
Arab emirate's statistical office said on Sunday that Dubai's economy is expected to have grown in previous year 2010. World's third largest crude exporter is UAE and Dubai's alone GDP growth will almost be 2.8 per cent in 2011. So as it is possible that Dubai economy will again be stable in 2011 because of recovery in the global economy.
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