GDP growth in the UAE to be higher than previously expected, EIU says

23/06/2011 - Dubai Property News Posted by Bob Brunskill
GDP growth in the UAE to be higher than previously expected, EIU says

Dubai property investment could rise in the coming years after new research predicted that the UAE's GDP will grow dramatically.The Economic Intelligence Unit (EIU), based in London, has forecast that GDP will grow by around five per cent over the next five years, including by 3.6 per cent this year.Figures are higher than IMF predictions of 3.5 per cent, with oil production expected to play a part in economic growth, reports Emirates 24-7.David Butter, Middle East director of EIU, told the news provider that EIU's estimates are also much higher than the 3.4 per cent predicted in 2006-10."We now estimate that the UAE's economy grew by around 2.1 per cent in 2010 and forecast that GDP growth in 2011 will pick up strongly, to about 3.6 per cent, owing to high oil production, supported by high crude prices," he explained.Dubai property interest could also be on the rise after Dubai Airports announced this week that it saw an 8.8 per cent rise in passenger traffic last month.