The UAE economy will grow between 2 to 2.5 per cent in 2010, according to the economy minister Sultan bin Saeed al-Mansoori.
The forecast, based on oil prices of around $75 a barrel, could be increased to 3.2 per cent if oil prices average around $85 a barrel for the year. “In 2010 growth will be between 2 to 2.5 per cent. Maximum growth will be 3.2 per cent, but target is 2 to 2.5 per cent,” says Al-Mansoori.
In 2009 the economy ministry said growth in the UAE was 1.3 per cent.
“Government authorities have been at the forefront of taking the right initiatives to sustain economic growth,” Al-Mansoori added.
He added that inflation fell to 1.56 per cent in 2009 and will slip further to 1.1 per cent by the end of 2010. The UAE Economic Report 2009 also predicts inflation of between 2 to 2.5 per cent in 2011.
The report also puts the population of the UAE at 8.2 million at the end of 2009, well above exisiting estimates. The International Monetary Fund (IMF) put the UAE population at 4.9 million at the end of 2009, and gross domestic product (GDP) per capita at $46,856.8. Under the figures released by the economy ministry the UAE’s GDP per capita is about $29,975.