The International Monetary Fund said the UAE's real gross domestic product (GDP) will grow at 2.3 per cent this year, down from 4.9 per cent growth rate recorded last year, while inflation will remain at 1.5 per cent this year.
“The economic recovery looks set to continue. Real GDP growth reached an estimated 4.9 percent in 2011, supported by increases in oil production. Non-hydrocarbon growth also strengthened, to around 2.7 percent, backed by strong trade, tourism, and manufacturing, and despite continued oversupply in the real estate sector. Real non-oil GDP growth is projected to further strengthen to 3.5 percent in 2012," said Harald Finger, an IMF team leader following the conclusion of a two-week visit to the UAE.
"With limited potential for further increases in oil production in the near term, overall GDP growth is expected to moderate to 2.3 percent. Inflation is likely to remain subdued at around 1.5 percent this year."
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