UAE's GDP to grow 3.3 percent in 2011

According to the Dubai Economic Council, the UAE’s gross domestic product (GDP) in 2011 would be forecasted to grow reaching USD339 billion in current prices. The council added that in the current year, real GDP would be expected by around 3.3 percent, compared with 2.3 percent in 2010, whereas in the coming year it would grow by 3.8 percent. It also said that in 2011, the country’s fiscal balance would reach a surplus of 10.3 percent of GDP, compared with 7 percent recorded a year ago, and would record a surplus of 9.2 percent in 2012, moreover, over the past 5 years, UAE’s nominal GDP has surged by around 34 percent per year due to high oil prices, pushing the country’s per capita income to a projected USD47,371 from USD27,225.