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FINANCIAL NEWS
Abu Dhabi’s economy to post 5.7% growth between 2013-2016
20 Nov 2012
(MENAFN) The Abu Dhabi Department of Economic Development’s (ADDED) Undersecretary, Mohammad Omar Abdullah, stated that between 2013 and 2016, the emirate’s economy is forecasted to expand at an average annual rate of 5.7 percent, reported Gulf News.
Abdullah said that during the current fiscal year, the emirate’s gross domestic product (GDP) is expected to grow by 3.9 percent.
Between 2013-2016, the capital’s manufacturing sector is projected to expand at an average 7.1 percent.
He added that in 2011, overall GDP posted a growth rate of around 30 percent in nominal terms, up from 15.8 percent a year before, whereas non-oil GDP at current prices rose by 7 percent in 2011, from 5.4 percent in 2010,
Also in 2011, foreign direct investment (FDI) inflows to the UAE surged by nearly 40 percent, ranking the country as the third largest recipient of FDI in the west Asia region in the year.
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