UAE economy to grow 4.8% this year, says Minister of Economy | GulfNews.com

UAE economy to grow 4.8% this year, says Minister of Economy | GulfNews.com:



"The Gross Domestic Product (GDP) of the UAE has grown 236-fold in the 43 years since the establishment of the Federation, starting at just Dh1.77 billion in 1971, and is expected to reach Dh419 billion by the end of this year, Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy, said on Monday.



Minister Al Mansouri expected the UAE economy to grow by 4.8 per cent this year. Looking ahead past 2014 and citing the International Monetary Fund’s (IMF’s) recent projections, he said the economy will continue to grow at a rate of between four and five per cent over the next seven years.



“This growth was made possible thanks to the federal government’s successful economic policies based on economic diversification and sustainable development in the country’s various sectors,” Al Mansouri told representatives of the local, regional and international media at a meeting hosted by the National Media Council (NMC) on the occasion of the UAE’s 43rd National Day."



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