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FINANCIAL NEWS
UAE’s 2011 economy expands 3.3%
12 Mar 2012
(MENAFN) UAE’s Economy Minister, Sultan bin Saeed Al-Mansouri, said that in 2011, the country’s economy expanded an estimated 3.3 percent, double the pace recorded in 2010, reported Arab News.
Al-Mansouri added that the economy has been recovering steadily from Dubai’s 2009-2010 corporate debt crisis, driven by high oil prices and strong trade with Asia.
He also said that in 2012, economic growth would be expected to slow to 2.5 percent, due to the euro zone debt crisis and slower global growth generally, in addition to steady oil output, which would be similar to that in 2011.
It is worth noting that the UAE government announced plans to spend USD1.6 billion over 3 years on expanding water and electricity networks in the northern emirates.
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