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FINANCIAL NEWS
IIF estimates UAE’s growth at 3.6% this year
14 May 2013
(MENAFN) The Institute of International Finance (IIF) revised down its economic growth outlook for the UAE to 3.6 percent for 2013, from a previous forecast of 4.8 percent, reported Gulf News.
In 2013, the IIF also predicted that the whole GCC economic growth will stand at 3.8 percent from the 5.8 percent it predicted in 2012.
It also expected that the GCC will retain financial balance in 2013, and the external balance will decrease due to lower crude prices.
Meanwhile, the GCC’s non-hydrocarbon real gross domestic product (GDP) is projected to be near 5 percent.
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