UAE economy growth set for a sustainable boom

The UAE economy grew 4.7 per cent in 20013, the highest since 2006 (9.9 per cent), supported by higher oil production and strong recovery in domestic demand. This growth trend is forecast to continue into 2014 supported by strong non-hydrocarbon growth, according to Institute of International Finance (IIF). While the overall UAE economic growth (real GDP) is expected to moderate to 4.2 per cent this year due to a decline in oil revenues, the IIF economists have forecast a non-oil sector growth of 5.2 per cent. While Abu Dhabi’s economy is projected to grow 3.6 per cent this year, Dubai’s GDP is expected to grow in excess of 5 per cent.