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FINANCIAL NEWS
UAE economy likely to grow 2.25% this year
31 Aug 2010
(MENAFN) The UAE Minister of Economy Sultan bin Saeed Al Mansouri stated that the country’s economy is grow by an average of 2.25 percent in 2010 as the country emerges the global financial crisis, Reuters reported.
Real GDP growth estimates for 2010 have ranged from a low of 0.6 percent to a high of 3.2 per cent, with an average GDP growth estimate of 2.25 percent for 2010, according to the minister.
The minister said the price of oil is an important determinant of GDP in the UAE. The price of oil has hovered around the $70-$80 range during the past few weeks.
Although the demand for oil has somewhat increased due to the recovery in the global economy, this relatively high price of oil was also supported by the increase in the demand for oil in the Middle East which is expected to grow by 4.5 percent in 2010 alone.
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