UAE Set Slow Growth in Upcoming Year reports Sunil Thacker
Government prepared to pump large capital into development infrastructure
“I am waiting for the [gross domestic product] figures [from last year] ... but the estimate will be hovering around plus 4 percent,” Sultan bin Saeed al-Mansouri told reporters on the sidelines of a ministry event.
“I think this year will be the same as there are no major changes, changes in oil prices or the general situation of the world economy so that is an indication it will hover around the same percentage,” he said.
In the month of November, Mansouri had estimated that the UAE had the inflation-adjusted GDP predicted to grow by 3.5% to 4% in the last year, which was already below the 4.2% of 2011. However, the global slowdown, and the troubles seen in the nearby Eurozone added to the concern and ultimately took its toll.
Still, regardless of the weakness of the global economy, the growth in the UAE non-oil private sector did find a way to rise to a high that had not been seen in 19 months within the month of December.
Oil-rich Abu Dhabi, plans to spend $90 million in various development over the next half-decade. While heavy spending from the government will cover the entire UAE, to the tune of $339 billion.
Dubai's own housing market has seen a gradual increase since the crash that followed the 2008-09 years. The numbers still remain lowered, but economists are becoming more secure in future growth in the sector.
Inflation within the UAE is likely to remain at 1% per year for the 2013 fiscal year, said Mansouri.
About Sunil Thacker:
Sunil Thacker (http://www.sunilthacker.com/) provides information on tax consultation and international law. Learn how the UAE Projects Lawyers can assist anyone, by familiarizing them with the company's team page and Practice Areas page and Dubai company formation.
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