Abu Dhabi economy set to see 5% growth next year - ArabianBusiness.com

Abu Dhabi's economy is expected to expand by up to five percent next year, not far from the long-term target rate of 6 percent annually, and the government will continue spending to support growth, a government official said on Monday.

The UAE member, which sits on 10 percent of global oil reserves and accounts for 90 percent of UAE oil output, felt the pinch of the global financial crisis in 2009 after crude prices tumbled from 2008 record highs.

With an oil price recovery in 2010, the economy, which depends on oil production for 57 percent of gross domestic product, picked up speed again.

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