PIB
The United Arab Emirate’s economy is estimated to have grown by around 4 percent in 2012, little changed from the previous year, and a similar clip is seen in 2013, its Economy Minister said on Thursday.
"I am waiting for the [gross domestic product] figures [from last year]… but the estimate will be hovering around plus 4 percent," Sultan bin Saeed al-Mansouri told reporters on the sidelines of a ministry event.
"I think this year will be the same as there are no major changes, changes in oil prices or the general situation of the world economy so that is an indication it will hover around the same percentage," he said.
In November, Mansouri estimated that the UAE’s inflation-adjusted GDP would grow between 3.5 and 4 percent in 2012, below 4.2 percent in 2011 as the global slowdown, partly due to the euro zone debt woes, was expected to take toll.
“All indications show that UAE and Dubai economy will continue growing in 2013 by 3.8 percent," Sheikh Ahmed told Arabian Business. “Tourism, hospitality and trade will continue to play a major role in the growth."
The UAE’s economy was projected to have grown 4 percent last year and is estimated to slow down to 2.6 percent according to the International Monetary Fund.
A partial rebound in the property market, a resurgence in consumer confidence and improved bank performance has helped the Dubai stock market reach a 39-month high.
UAE economic growth accelerates to 4.4% in 2012
Growth up from a downwardly revised 3.9 percent the previous year as activity picked up across all sectors.
Abu Dhabi’s GDP rises to $248bn in 2012: Official figures show 7.7% increase compared to previous year; non-oil sectors driving growth
Foreign investment in UAE soars 25% to $9.6bn