Dubai: High crude price is going to boost the UAE’s gross domestic products (GDP) to more than the previously forecast 3 per cent this year, a top official said on Monday.
“As oil price appreciates, we expect the UAE GDP to grow between 2.5 per cent to 3.2 per cent,” Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said while attending an event in Sharjah.
Earlier estimates limited the UAE’s GDP forecast between 1 to 3 per cent, when oil was trading at around $60-$70 per barrel. However, crude is currently trading at above $80 per barrel, that will raise the country’s net income from crude.
“The UAE will witness higher economic growth this year, than previously anticipated,” the minister said.
