The National Bureau of Statistics of United Arab Emirates says that the economic growth of the country achieved its 4.4 % acceleration rate from inflation-adjusted terms in 2012. The said growth rate is the swiftest since 2006 as movements restarted across all sectors.
UAE Economy Minister Sultan bin Saeed al-Mansouri quoted in January a 2012 GDP growth at around 4 percent, adding a similar rate is anticipated for 2013. Originally, the statistics office reported 4.2 % growth for 2011.
Analysts assume that the economic growth in the region will slow down in 2013 as a full oil supply and demand Europe strain world markets.
Giyas Gokkent, chief economist at National Bank of Abu Dhabi says that compared to 2012, the growth rate in 2013 will be lower by default because of the flattening in the oil sector. “I do not see space for the GCC OPEC producers to increase oil output”, he said.
In Dubai, oil prices, trade and tourism showed robust growth in 2012 from 2008 unstable property set-off. “One of the most important factors is the role played by good and stable oil prices in general over the last year,” the National Bureau of Statistics said.
Dubai International Airport succeeded Hong Kong as the worlds third busiest for international passenger traffic as it handled over 13 percent more passengers.
One of the world’s largest independent wealth funds, Abu Dhabi is also the key player of the hydrocarbon sector producing roughly all of the country’s crude oil. The capital city makes up approximately 65% of the UAE Economy.
Last year, an average of USD 112 per barrel marked on oil prices from 2011’s USD 109. According to a Reuters calculation (based on their data), a 6.3% increase in 2012 annual basis output in the hydrocarbon sector creating USD 383 billion economy for UAE. The country is the world’s 3rd largest crude oil exporter.
In real estate and business services achieves 6.3% growth while construction added 0.1% development.
Abu Dhabi has $90 billion development project plans over the next five years, while Dubai prepares to build new city housing, world’s largest shopping mall and about 100 hotels.
Reuter’s poll in April forecast GDP growth in the UAE to ease to 3.3 percent this year.