UAE’s economy expected to grow by 3% this year #Sharjah

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UAE’s economy expected to grow by 3% this year

The Minister of Economy Sultan Bin Saeed Al Mansouri said the UAE’s Gross Domestic Product (GDP) is expected to grow by 3% this year with inflation to reach 1.1% as the Ministry is preparing to issue a number of laws to boost the economy based on the UAE’s interest in advancing economic diversification policies.

Speaking at a news briefing in Dubai to reveal the UAE’s GDP data for 2011, the minister said he expected inflation in the UAE to reach 1.1% this year.

By the end of 2011, the UAE’s exports grew by 30.7%, Al Mansouri added.

Citing the latest report by the National Bureau of Statistics, he noted that non-oil sectors accounted for 61.6% of the UAE’s GDP in 2011, compared to 69.1% in 2010.

The UAE’s GDP in 2011 accelerated to 4.2% in inflation-adjusted terms to reach AED 981.7 billion up from 1.3% and AED 942.4 billion for 2010, the National Bureau of Statistics’ data showed.