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UAE GDP set to grow by 4 per cent

posted on 27/12/2012: 3760 views

The UAE's real gross domestic product (GDP) is expected to grow by an average of 3.5 per cent this year and 4 per cent next year compared with 4.9 per cent in 2011 and 3.2 per cent in 2010, according to a recent report by the World Bank.

The UAE is slated to register a financial surplus of up to 5 per cent of the GDP this year, the bank said, adding that the surplus is expected to rise by 7 per cent of the GDP in 2013. According to the bank's estimates, the financial surplus of the UAE touched 2.9 per cent in 2011.

The surplus of the UAE's current accounts is likely to reach 10.3 per cent of the GDP in 2012 compared with 9.2 per cent in 2011 and around 7.7 per cent in 2010.

The surplus is expected to rise relatively to 10.4 per cent of the GDP next year, the bank said.

The bank said it is optimistic about the growth of the GDP of the GCC countries with the average growth expected to reach 5.1 per cent this year but likely to drop relatively to 4.4 per cent next year. The financial surplus of the GCC counties is expected to touch 13.3 per cent of the GDP this year and around 8.7 per cent in 2013, the bank said. – The Gulf Today


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