Sunday 11 March 2012

UAE economy grew 3.3 percent in 2011, below forecasts | Reuters

The United Arab Emirates' economy grew an estimated 3.3 percent in 2011, the economy minister was quoted as saying on Sunday, slower than analysts had expected but still more than double the pace seen in the previous year.


Economy Minister Sultan bin Saeed al-Mansouri said the UAE, one of the world's top five oil exporters, had faced unprecedented regional and global challenges last year. But he added that it was helped by the rising contribution of non-oil sectors, the ministry's website (www.economy.gov.ae) reported.


Analysts polled by Reuters in December had forecast the economy would grow 3.9 percent in real terms in 2011, after 1.4 percent expansion in 2010.

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