UAE economy to grow 4.6pc in 2003
The UAE's economy will gallop by 4.6 per cent in real terms this year and maintain its robust growth next year despite an expected decline in crude prices and production because of Iraq's gradual return to the oil market, according to a Western report.
The UAE's economy will gallop by 4.6 per cent in real terms this year and maintain its robust growth next year despite an expected decline in crude prices and production because of Iraq's gradual return to the oil market, according to a Western report.
The current account, the net balance between exports and imports of goods and services, transfers and investment income, is also forecast to record a high surplus although the UAE's imports are expected to sharply rise to meet reconstruction demand in Iraq.
The report by the Economist Intelligence Unit (EIU), an affiliate of the London-based Economist Group, also projected the UAE's crude oil export earnings to exceed $19 billion this year before they recede to around $14.1 billion next year.
