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FINANCIAL NEWS
UAE’s GDP in 2011 grows by 3.3%
12 Feb 2012
(MENAFN) The Economist Intelligence Unit (EIU) said that last year, UAE’s economy recorded a notable recovery, growing by around 3.3 percent, from 1.4 percent in 2010, reported Emirates 24/7.
The London-based firm added that due to the slowdown in government spending that originated in the second quarter of the year and was implemented throughout the rest of 2011, growth was revised down to 3.3 percent.
It also said that as a result of a surge in oil production, gross domestic product (GDP) in 2012 would be expected to grow by 3.5 percent.
It is worth noting that UAE’s GDP recovered by 1.4 percent from around USD262.24 billion in 2009 to around USD266 billion in 2010, according to government data.
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