Sep 09 2012 |
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UAE GDP to grow 3.1% in 2012
Growth will be lower than in 2011 but fiscal balance will widen
Growth in 2012 will be below the 4.9 per cent GDP rise in 2011, when average oil prices climbed to a record high of more than $105 a barrel and the UAE pumped at one of its highest crude output levels.
Forecasts by National Commercial Bank ( NCB ) showed the UAE's GDP, the second largest in the Arab world after Saudi Arabia's economy, would again record 3.1 per cent growth in 2013 and pick up by 3.2 per cent in 2014.
"The UAE economy is showing increasingly consistent signs of normalization after the spate of defaults and real estate market shocks in the wake of the global crisis," NCB said in a study sent to Emirates 24/7.
The report showed the UAE's fiscal surplus would widen to nearly 4.7 per cent of GDP in 2012 from 2.9 per cent in 2011 because of high oil prices, which are expected to remain above $100 a barrel.
The country's current account surplus is also expected to grow to nearly 10.8 per cent of GDP from around 9.2 per cent in the same period.
NCB forecast inflation in the UAE, one of the world's top 10 oil producers, to remain as low as 1.1 per cent in 2012 against 0.9 per cent in 2011. It expected the rate to slightly pick up to 1.5 per cent in 2013 and 1.7 per cent in 2014.
© Emirates 24|7 2012
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