Minister: UAE economy to grow 2.5% this year

26 Apr 2010

(MENAFN) UAE Economy Minister Sultan bin Saeed al-Mansouri said that the Gulf state?s economic growth will be at around 2.5 percent this year, depending on oil prices, Gulf News reported.

Last month the minister forecast 3.2 percent growth this year. The government revises its figures as often as every month and gave no reason for the downgrade.

UAE consumer prices rose 0.68 percent year-on-year and 0.1 percent month-on-month in March, following three consecutive months of declines as housing prices rose. Analysts are expecting average inflation of 2.5 percent this year.

Inflation would be low, he said, reiterating his previous forecast for inflation of up to 2 percent this year, saying it was under control.

Debt restructuring in Dubai is expected to slow down recovery of the second-largest Arab economy this year, making it lag behind its regional peers.

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