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FINANCIAL NEWS
UAE economy to grow 4.8 percent in 2014
25 Nov 2014
(MENAFN) The UAE’s Ministry of Economy said that it expects that the country’s Gross Domestic Product (GDP) will reach USD114.04 billion by the end of this year, Gulf News reported.
The Ministry said that the UAE economy is projected to grow by 4.8 percent this year, with expectations that the economy will continue to grow at a rate between 4 and 5 percent over the next seven years.
The Ministry also said that non-oil sectors now account for 69 percent of the UAE’s GDP with oil accounting for the remaining third as the government continues its efforts to diversify away from oil and rely more on non-oil income.
“This growth was made possible thanks to the federal government’s successful economic policies based on economic diversification and sustainable development in the country’s various sectors. With this good performance, the general budget is expected to see a surplus of nine per cent of the GDP, double the figure of 2012,” The UAE’s Ministry of Economy said.
Meanwhile, the country’s commodity exports including oil are expected to grow by 5.8 percent to reach USD381 billion in 2014, compared with USD354 billion in 2013, but despite the positive growth rate, inflation rates are still expected to remain between 2 and 3 percent by the end of 2014.
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