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FINANCIAL NEWS
UAE’s GDP expands 4.9% in 2011: IMF
17 May 2012
(MENAFN) The International Monetary Fund (IMF) stated that in 2011, the UAE’s gross domestic product’s (GDP) growth is projected to have expanded 4.9 percent, reported Gulf News.
The IMF attributed the gain to a surge in oil prices during the period, higher oil output, the UAE’s status as a safe haven in the region and robust economic growth in Asia.
However, the organization said that debt restructuring of some UAE government-related entities (GRE), with debt estimated at USD30 billion maturing in 2012 will represent a challenge to the country’s economic growth.
It is worth noting that in 2011, the UAE’s real non-oil growth rose to around 2.7 percent, and is estimated to grow to 3.5 percent during the current year, whereas oil output is expected to be flat.
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