UAE’s GDP increases 3.3 percent in 2011

According to the Economist Intelligence Unit (EIU), UAE’s economy has recorded a notable recovery in 2011 growing by around 3.3 percent, from 1.4 percent in 2010. EIU added that due to the slowdown in government spending that originated in the second quarter of the year and was implemented throughout the rest of 2011, growth was revised down to 3.3 percent. It also said that as a result of a surge in oil production, gross domestic product (GDP) in 2012 would be expected to grow by 3.5 percent. It is worth noting that UAE’s GDP recovered by 1.4 percent from around $262.24 billion in 2009 to around $266 billion in 2010, according to government data.