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FINANCIAL NEWS
UAE’s economy to reach 3.2% in 2011
20 Jun 2011
(MENAFN) UN’s Economic and Social Commission for Western Asia (ESCWA) said that in 2011, the UAE’s economy would go up to around 3.2 percent driven by high oil prices and huge public spending, reported Emirates 24/7.
The group added that two years ago, UAE’s GDP declined by 1.9 percent, before rebounding by 2.7 percent in 2010, and this year, it would be forecasted to surge to 3.2 percent.
It also said that in 2011, the combined GDP of the UAE and the GCC countries would grow to 5.2 percent; moreover, the GCC’s current account surplus in 2011 would be sharply expanded especially in the UAE and Kuwait.
It is worth noting that inflation in the UAE is projected to increase to 2 percent this year from 0.9 percent in 2010.
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