UAE GDP to gain over $11bn

The UAE?s nominal GDP is expected to gain more than $11 billion in 2013 to peak at an all-time high before hitting another record of more than $400bn for the first time in 2014, according to a Saudi bank.

Real GDP is also projected to perform well through those years, with growth of about 3.5 per cent in 2013 and 3.4 per cent in 2014, the Saudi American Bank group (Samba) said in its quarterly bulletin.

Real growth will be driven mainly by expansion in the non-hydrocarbon sector as the oil sector is forecast to slow down in 2013-2014 because of lower crude prices and stable production by the country, Samba said.

From around $377bn (Dh1.38 trillion) in 2013, the UAE?s GDP in current prices is projected to swell to nearly $389.8bn (Dh1.43trn) in 2013 before peaking at $412.8bn (Dh1.51trn) in 2014, surpassing the $400bn mark for the first time since the country was founded 42 years ago.

via UAE GDP to gain over $11bn – Emirates 24/7.