Tuesday 24 September 2013

UAE GDP forecast to expand 4.5% this year amid economic recovery | The National

UAE GDP forecast to expand 4.5% this year amid economic recovery | The National:

"The UAE Economy Minister Sultan Al Mansouri said yesterday he expected GDP to expand as much as 4.5 per cent this year amid a recovery in Dubai’s property sector and growth in non-oil related trade and industry.

In March, Mr Al Mansouri had said that the economy is expected to sustain an annual growth rate of above 4 per cent in 2013.

“We have been optimistic about what we have been seeing in the UAE in the last 18 months,” said Simon Williams, the chief Middle East economist at HSBC, based in Dubai. “It’s a growth story that has substance and it’s gaining momentum. It’s a mix of the export-orientated service sector in Dubai coming back to life and also a slower but a significant recovery in infrastructure spending in Abu Dhabi.”"

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