The UAE expected to grow around 3.7 per cent in the current year
25/11/2012
The Emirate of Dubai has been consistently experiencing growth since last year. According to the Minister of the UAE Economy, Sultan Al Mansoori said that the country is expected to grow by at least 3.7 per cent in the current year because of strong oil prices as well as the progressive upturn of some sectors such as tourism, services, trading, real estate, and others.
Based on the report, the country's Gross Domestic Product (GDP) has reached the so-called 'Dhone Trillion' that was just driven by high oil prices and nominal growth generated by other above-mentioned sectors. The minister further said that the UAE's GDP as a whole is expected to grow. As a matter of fact, there has been already growth that happened in different sectors including those as mentioned above.
So it means that the country is now rebounding, especially the real estate sector in the Emirate of Dubai; for it has started gaining momentum after being affected by the global economic crisis in particular. Then, the minister added that the inflation will possibly range between 1 and 1.2 per cent which is quite considered as a very low rate in the market; while the sharp decline in rents has become a key driver to increase in values.
Lastly, according to recently-Arab estimates, it showed that the nominal GDP of the UAE could gain around $18 billion that would increase up to $368 billion until the end of this year 2012. Indeed, in 2011, the country's nominal GDP has peaked at almost $358.1 billion because of the higher crude output and surge in oil prices as well. Hence, 17.8 per cent growth in current prices is being expected to witness in the UAE.
Based on the report, the country's Gross Domestic Product (GDP) has reached the so-called 'Dhone Trillion' that was just driven by high oil prices and nominal growth generated by other above-mentioned sectors. The minister further said that the UAE's GDP as a whole is expected to grow. As a matter of fact, there has been already growth that happened in different sectors including those as mentioned above.
So it means that the country is now rebounding, especially the real estate sector in the Emirate of Dubai; for it has started gaining momentum after being affected by the global economic crisis in particular. Then, the minister added that the inflation will possibly range between 1 and 1.2 per cent which is quite considered as a very low rate in the market; while the sharp decline in rents has become a key driver to increase in values.
Lastly, according to recently-Arab estimates, it showed that the nominal GDP of the UAE could gain around $18 billion that would increase up to $368 billion until the end of this year 2012. Indeed, in 2011, the country's nominal GDP has peaked at almost $358.1 billion because of the higher crude output and surge in oil prices as well. Hence, 17.8 per cent growth in current prices is being expected to witness in the UAE.
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