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FINANCIAL NEWS
Dubai’s economy up 2.5%
20 Feb 2011
(MENAFN) The head of the Dubai’s statistics office said that economy in the oil-rich emirate went up by 2.5 percent in the first nine months of 2010, year-on-year, as it continues to recover from the impact of the global financial crisis, reported Arabian Business.
The resource also said that even though the property sector is still suffering in Dubai, the increasing value of trade flows boosted the wholesale and retail sectors, which accelerated recovery.
The resource added that in the same period, the economy witnessed a small decline in construction and real estate sectors, while the average jobless rate was evaluated at 0.6 percent.
It is worth noting that it was not revealed whether the increase in gross domestic product was in real or nominal terms.
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