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FINANCIAL NEWS
UAE economy to expand 3% in 2012
08 Nov 2012
(MENAFN) The UAE Ministry of Economy’s undersecretary, Mohammed Ahmed bin Abdulaziz Al Shehhi, stated that during the current year, the country’s economy is forecasted to expand 3 percent, reported Khaleej Times.
Al Shehhi said that the expected growth rate represents a decline from the 4.2 percent posted in 2011, due to global economic uncertainty and a recent fall in oil prices.
He added that the UAE carried out a number of measures to tackle the global financial crisis, including higher public expenditure on infrastructure, developing the private sector and supporting investments, both local and abroad.
It is worth noting that in 2011, the country’s non-oil sector posted a real growth of 3.1 percent compared with the previous year.
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