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FINANCIAL NEWS
UAE 2012 GDP outlook revised down to 3%: Mansouri
04 Jun 2012
(MENAFN) UAE’s economy minister, Sultan bin Saeed al-Mansouri, slashed 2012 GDP outlook to around 3 percent, as global oil prices witnessed a steep drop over the last several weeks, Reuters reported.
The minister said he remained optimistic, however, his recent forecast for the fifth largest oil exporter at OPEC was lower than almost 4 percent growth predicted in March, when Brent crude oil was around USD125 a barrel. Real GDP growth last year was 4.2 percent, he added.
Since March predictions, global oil prices started to fall, dragged by a global economic slowdown, reaching USD97 this week, the cheapest price since January 2011.
Mansouri also predicted inflation in the UAE to stand between 1 and 1.5 percent this year.
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