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(The UAE capital Abu Dhabi expects GDP growth of 6.7 percent this year. (File photo: Shutterstock))[/caption]Abu Dhabi and Dubai, the largest economies of the United Arab Emirates, today released growth forecasts for 2014, 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.
(With Reuters)
(By Staff writer | Al Arabiya News, Dubai)
(Al Arabiya News, 3 Monday February 2014 The Roman)
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