Sun, 14 Oct 2012 16:31:10 CDT
United Arab Emirates: UK-headquartered lender Standard Chartered has said the UAE economy has so far performed well this year, and will remain strong in the final quarter of the year, underpinned by higher oil prices even as the world economy is heading into another recession, Khaleej Times has reported. The real gross domestic product (GDP) of the country is forecast to grow by 3.4% this year, accelerating by 3.7% in 2013 and sustaining a growth rate of 3.4% in 2014, the bank said. Dubai's non-oil sectors including trade, tourism and services and a pick-up in spending on non-oil projects in Abu Dhabi, as well as healthy output in the hydrocarbon sector boosted the growth in the first nine months, Standard Chartered said in its 'Middle East and North Africa Focus' report.
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