Abu Dhabi, Dubai reveal 2014 economic growth forecasts

The UAE capital Abu Dhabi expects GDP growth of 6.7 percent this year. (File photo: Shutterstock)

The United Arab Emirates forecasted an economic growth of up to five percent during 2014, government officials said on Monday, Reuters reported.

“I am conservative so I would put it [2014 growth] between 4.5 percent and 5 percent,” UAE Economy Minister Sultan bin Saeed al-Mansouri said, reported Reuters.

The officials downplayed warnings by private economists that a rebound in the property market may boost inflation. Dubai’s  house prices and rents increased by 20 percent during 2013.

Abu Dhabi and Dubai, the largest economies of the United Arab Emirates, released growth forecasts for 2014 on Monday, Reuters reported.

The UAE capital Abu Dhabi sees gross domestic product (GDP) growth of 6.7 percent this year, according to Shorooq al-Zaabi, head of development indicators at the Department of Economic Development.

The emirate posted real GDP growth of 7.4 percent in 2013, up from 5.6 percent in 2012, Reuters reported.

Zaabi added that Abu Dhabi’s oil production would rise steadily to 3.114 million barrels per day (BPD) in 2017 from 2.907 million BPD in 2015. But it expects oil prices to fall moderately, to $95 a barrel in 2017 from $109 last year.

Dubai expects its economy to grow by an inflation-adjusted 4.7 percent this year, accelerating to over 5 percent in 2015, according to a Department of Economic Development official quoted by Reuters.

Dubai’s economy reportedly expanded by 4.9 percent in the first half of 2013.

Last week, the International Monetary Fund raised its 2014 UAE economic growth forecasts to 4.5 percent, the same level as 2013.

(With Reuters)

Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42