UAE non-oil GDP to 'grow 3.3% in 2011'

01/04/2011 - Dubai Investment News Posted by Neil King
UAE non-oil GDP to 'grow 3.3% in 2011'

The UAE's non-oil GDP is set to increase by 3.3 per cent this year, according to new figures.

An International Monetary Fund (IMF) report has shown that 2010 saw the nation's non-oil GDP grow by 2.1 per cent and estimated that 2011 will see further growth, Emirates 24-7 reported.

According to the IMF, the UAE's total GDP is gaining ground on Arab leader Saudi Arabia, through strong crude prices, low interest rates and better growth prospects.

The news provider quotes the IMF as saying: "The momentum is carrying into 2011 with non-oil GDP growth projected to accelerate from 2.1 per cent in 2010 to 3.3 per cent, reflecting strong tourism, logistics and trade in Dubai [as well as] large public investment spending in Abu Dhabi.

"Higher oil prices are contributing to a marked improvement in the fiscal position and balance of payments. The successful restructuring of Dubai World's debt has improved market confidence, allowing top-grade Dubai issuers to regain market access."

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