UAE economy expects 7.8% growth in 2008 |
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UAE economy expects 7.8% growth in 2008: A world
wide study conducted by Reuters in 2007 expects the UAE economy to
register 7.8% growth in 2008, mostly on the strength of the
contributions of its rising non-oil sectors like real estate,
construction and finance. The UAE economy is presently the second
largest in the Arab world.
“As long as there is strong demand
for oil and gas and the oil prices average $60 to $80 a barrel the UAE
economy will be in good shape,” states UAE Central Bank Governor,
Sultan Yasser Al Suweidi. He predicts the economy will register 6.6%
growth in the light of a slump in oil prices. However, with oil now
hovering around $99 a barrel, there is no immediate threat of a sudden
decline in the prices.
According to preliminary reports released
by the UAE Ministry of Economy, the country’s GDP grew 16.48% at
current prices in 2007, primarily because of the expansion of oil and
gas sector and growth of non-oil segments including real estate.
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