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UAE succeeded in containing the impact of the economic and financial crisis - OFID

posted on 23/06/2011: 912 views

Vienna - Growth in the United Arab Emirates rebounded to 2.1%, from a contraction of 2.5% in 2009, driven mainly by an upturn in hydrocarbon production, said the 2010 annual report released by the OPEC Fund For International Development (OFID).

The latest report of OFID also said that inflation dropped to 0.8%, from 1.2% in the previous year, and the current account surplus rose slightly to 30.1% of GDP, from 29.1% of GDP in 2009.

In a survey of the member countries in OPEC, the report also noted that continued progress was made in UAE towards strengthening confidence in the banking system and economic diversification as envisaged in the Economic Vision 2030.

Meanwhile, the UAE remains on target towards achieving the MDGs, having succeeded in containing the impact of the economic and financial crisis on poverty reduction and sustainable development, the report noted. - Emirates News Agency, WAM


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