Abu Dhabi, 9th March 2009 (WAM) -- Minister of Economy HE Sultan Al Mansouri today painted an upbeat outlook for the UAE Gross Domestic Product (GDP) during the current year thanks to the stable economy.
''GDP growth estimates are positive due to the stable economic situation,''he said.''We expect a drop of 5 to 8 per cent in inflation in the UAE this year from about 11 per cent in 2007. Prices went down by 30- to 40 per cent in all countries of the world and we expect this downtrend to impact the local market,'' Al Mansouri told reporters after a tour of Abu Dhabi Cooperative Society, Abu Dhabi Mall, as part of celebrations of the 4th Gulf Consumer Protection Day.
The minister praised initiatives announced by major retail outlets to sell more than 500 commodities at cost prices. He commended the Abu Dhabi Cooperative Society to its agreement with the ministry to sell 253 items at base prices. ''Protection of consumer is essential for maintaining a balance at local markets,''he said, affirming that his ministry would pursue its tireless efforts to combat manipulation and exploitation so as to serve interestsof all parties - consumers, merchants and markets.Copyright Emirates News Agency (WAM) 2009.
