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FINANCIAL NEWS
UAE GDP to hit $272 billion
13 Sep 2010
(MENAFN) A report issued by the Economist Intelligence Unit (EIU) showed that the UAE economy will be boosted to a record high of nearly $272.2 billion due to higher oil prices, Gulf News reported.
According to the report, the increase means that the UAE will be able to maintain its position as the second largest Arab economy after Saudi Arabia, and the second in terms of gross domestic product (GDP) per capita income.
Nominal growth is projected at approximately 9.3 percent against a contraction of nearly 11.9 percent in 2009, which was mainly caused by low oil prices.
However, this year, EIU�s figures showed that growth remains far below the sharp increase in the nominal GDP recorded in 2007 and 2008, when it jumped by 22 and 36 percent respectively.
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