The National Bank of Abu Dhabi, or NBAD, has revised its economic growth forecast for the UAE to 3.3 per cent from the 2.6 per cent it projected at the beginning of the year as the nation produced more oil, which yielded better prices.
NBAD has revised its estimates on the assumption that “oil output has risen”, NBAD group chief economist Dr Giyas Gokkent said.
However, he added that “we assume oil production growth may be limited in 2013 and are thus pencilling in real GDP growth of 3.2 per cent year-on-year”.
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