UAE GDP to grow up to 3.6%

A recent report by the International Monetary Fund has confirmed the robust economic performance of the UAE. According to the report, the UAE gross domestic product (GDP) is expected to grow by up to 3.6 per cent this year, while the non-oil domestic product is likely to grow by up to 4.3 per cent compared with 3.8 per cent last year. The report said that the IMF has positive expectations as regards the performance of the UAE economy in the medium and long terms, adding that the risks of being affected by the external situations fell substantially, thanks to the robust growth of the non-oil economic sectors and the successful efforts of Dubai and Abu Dhabi to diversify the base of economic growth. According to the IMF, the UAE nominal GDP is expected to grow to Dhs1.42 trillion this year, compared with Dhs1.39 trillion in 2012, while inflation is expected to reach 2 per cent this year compared with 0.7 per cent in 2012. The report also confirmed the strong performance of the banking sector, adding that the private sector is credit is expected to grow by up to 5.2 per cent this year compared with 2.3 per cent last year, while the money supply is likely to grow by up to 7.3 per cent this year compared with around 4.4 per cent in 2012. The total value of the UAE oil and gas exports is expected to reach Dhs422.1 billion while the value of the exported commodities is likely to rise to Dhs1.35 trillion this year compared with Dhs1.27 trillion in 2012, the IMF said. Meanwhile, the total value of the UAE imported commodities is expected to rise to Dhs884.5 billion this year compared with Dhs796.4 billion in 2012, the IMF added. The surplus of the current accounts of the UAE is anticipated to reach Dhs205.52 billion ($56 billion), accounting for 14.5 per cent of the GDP. From The Gulf Today