A recovery in Dubai’s non-oil economy will ally with strong crude prices and higher production to lift the UAE’s real GDP by nearly 4.3 per cent in 2011 before it slows down in 2012, a key Saudi bank has said.
The surge in crude prices by at last 50 per cent through 2011 will also expand the country’s nominal GDP by around 47 billion to its highest ever level while the current account and budget will record massive surpluses, Saudi American Bank Group (SAMBA) said in its monthly bulletin.
Strong oil prices and higher output by most regional states will also likely to accelerate growth in the other members of the Gulf Cooperation Council (GCC) while they will bask under larger financial surpluses.
The surge in crude prices by at last 50 per cent through 2011 will also expand the country’s nominal GDP by around 47 billion to its highest ever level while the current account and budget will record massive surpluses, Saudi American Bank Group (SAMBA) said in its monthly bulletin.
Strong oil prices and higher output by most regional states will also likely to accelerate growth in the other members of the Gulf Cooperation Council (GCC) while they will bask under larger financial surpluses.
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