gulfnews : UAE's growth forecast revised as economic activity picks up

Institute of International Finance (IIF), the Washington-based association of global banking and financial institutions, has revised the gross domestic product forecast of the UAE to 4.4 per cent from its earlier forecast of 3.8 per cent.

'Most indicators of economic activity have registered a significant rise in real terms in the first half of this year. Crude oil production increased by 8 per cent as compared to the same period last year. With the exception of real estate, other sectors are also performing well. This has prompted us to revise our forecast,' said Garbis Iradian, Deputy Director of IIF's Africa/Middle East Department.

According to the IIF estimates, a surge in infrastructure spending in Abu Dhabi and Northern Emirates and increased activity led by tourism, retail trade, transport, and logistics in Dubai will support the nearly 1 per cent upward revision in UAE's GDP forecast.

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