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FINANCIAL NEWS
UAE’s 2011 GDP to hit USD339b
18 Dec 2011
(MENAFN) The Dubai Economic Council said that in 2011, the UAE’s gross domestic product (GDP) would be forecasted to grow reaching USD339 billion in current prices, reported Emirates 24/7.
The council added that in the current year, real GDP would be expected to expand by around 3.3 percent, compared with 2.3 percent in 2010, whereas in the coming year it would grow by 3.8 percent.
It also said that in 2011, the country’s fiscal balance would reach a surplus of 10.3 percent of GDP, compared with 7 percent recorded a year ago, and would record a surplus of 9.2 percent in 2012, moreover, over the past 5 years, UAE’s nominal GDP has surged by around 34 percent per year due to high oil prices, pushing the country’s per capita income to a projected USD47,371 from USD27,225.
It is worth noting that over the years, the oil sector’s contribution to UAE’s GDP has dropped as a result of the country’s plan to diversify its economy, declining from around 70 percent in 1971, to just 29 percent in 2010.
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