Tuesday 6 December 2011

Signs of a slowdown in Emirates' economy - The National

Fresh signs emerged yesterday of a slowdown in the UAE's economy as the latest data showed bank lending dropped while growth in business activity eased.

Bank lending decreased in October for the second month running and deposits continued to fall as funds were withdrawn from the banking system. The slowdown in loan growth coincided with a deceleration of business growth last month, the data shows.

"There's no sign of a recovery in lending and that speaks of more sluggish private-sector growth in the economy," said Liz Martins, the senior Middle East and North Africa (Mena) economist at HSBC.

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