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FINANCIAL NEWS
UAE’s May imports growth up 11%
06 Sep 2011
(MENAFN) UAE’s Federal Customs Authority said that in May, the country’s imports rose 11.0 percent from April and 22.3 percent from a year earlier as domestic demand grew, reported Arab News.
The authority added that in the month, growth in re-exports went down to 7 percent from 14.4 percent in April, whereas non-oil exports dropped to 21.4 percent from the previous year and from 58.8 percent recorded in April.
It also said that in 2011, the country’s economy would be forecasted to grow by 3.7 percent after it expanded 1.4 percent last year, whereas current account surplus was predicted to increase to 9.4 percent of gross domestic product (GDP) from 2010’s 3.8 percent.
It is worth noting that domestic consumption represented around 68 percent of the country’s economy last year at USD297 billion, recording the second largest in the Arab world after Saudi.
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