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FINANCIAL NEWS
UAE’s 2011 real GDP to grow 4.4%
23 Oct 2011
(MENAFN) The Institute for International Finance (IIF) said that in 2011, the UAE’s real gross domestic product (GDP) would be expected to reach 4.4 percent due to high oil prices and an increase in public spending, reported Emirates 24/7.
The Washington-based institution added that the country’s fiscal surplus would be at 5.8 percent of GDP, whereas current account surplus would be forecasted to increase to USD49 billion compared with USD24 billion in 2010, and it would remain around USD43 billion next year.
It also said that GCC countries’ combined GDP would grow to 6.7 percent, whereas combined GDP for all Arab oil exporting countries would be at 6.5 percent, apart from Libya, which GDP would be expected to drop around 56 percent.
It is worth noting that the Arab oil importing nations’ GDP will be forecasted to shrink by 0.4 percent due to the impact of the Arab Spring.
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