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OIL PRODUCTION TO RISE

Abu Dhabi, Dubai predict robust growth

Abu Dhabi, February 3, 2014

The UAE emirates of Abu Dhabi and Dubai are expected to post robust growth this year, officials said on Monday.

The emirate of Abu Dhabi posted real gross domestic product of 7.4 percent in 2013, up from 5.6 percent in 2012, its Department of Economic Development said.

Shorooq Al-Zaabi, head of development indicators at the government body, forecast GDP growth of 6.7 percent this year.

At a presentation to the media, she also predicted Abu Dhabi's oil production would rise steadily through 2017 but that oil prices would fall moderately, to $95 a barrel in 2017 from $109 last year.

Meanwhile, Dubai expects its economy to grow an inflation-adjusted 4.7 percent this year, accelerating to over 5 percent in 2015, an official of its Department of Economic Development told reporters.

In the first half of 2013, the economy expanded 4.9 percent from a year earlier, according to previously released official data. - Reuters




Tags: abu dhabi | Dubai | Oil | GDP | growth |

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