Al Mansouri states that the economic situation in the UAE is stable and further growth is to be expected
Sultan bin Saeed Al Mansouri, UAE’s economy minister, credits their more diversified economy for the current stability.
An economic growth of 2.5 per cent is probable for this year, after only 1.3 per cent growth in 2009, according to Al Mansouri. He also stated that a drop in inflation is expected, from the 2009 figure of 1.56 per cent to a rate of 1.1 per cent for 2010.
According to the minister, UAE’s economy was stable through the worldwide economic crisis because of measures taken and incentives offered that limited the losses incurred.
Gross domestic product (GDP) in the UAE for 2009 hit DH914.3 billion.
Al Mansouri noted that the non-oil sector contributed to 66.5 per cent of the 2008 GDP, but that figure grew to 71 per cent in 2009.
It is projected that industry will grow from 16.2 per cent of GDP in 2010 to between 20 and 25 per cent of the nation’s GDP in the future. Al Mansouri reported that the ministry is working towards bumping up that contribution to fall between 90 and 97 per cent.Paul Holdsworth, Staff Writer, Gulf Jobs Market News