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A new forecast has pegged UAE?s GDP growth at 3.9 per cent, reinforcing the strong sentiment that the economic recovery in the emirates is well underway.
The forecast is put out in the latest Bloomberg Middle East Economic Survey, which is based on a median estimate of 18 economists.
The new estimate is a revision of a 3.4 per cent forecast in the previous quarter and the biggest revision among Gulf Cooperation Council (GCC) countries in the report.
Sultan Al Mansoori, UAE Minister for Economy, said yesterday he expects gross domestic product to expand as much as 4.5 per cent this year.
The country’s non-oil economy is forecast to expand 4.5 per cent this year, the fastest pace since 2008, according to data compiled by Bloomberg and International Monetary Fund estimates.