Economy minister projects 2.5% growth for 2010

The Minister of Economy Sultan bin Saeed Al Mansouri said the UAE economy remains robust thanks to the diversification of the economy.

The UAE economy is capable to achieve a growth rate of 2.5 per cent in 2010, compared to 1.3 per cent last year, while inflation is expected to fall to 1.1 per cent down from 1.56 per cent last year, according to Al-Mansouri in statements in a Ramadan gathering in Dubai.

The UAE economy weathered the financial crisis thanks to certain measures and incentive reforms which helped minimise the losses, he noted.

"The UAE GDP in 2009 reached Dh914.3 billion," Al Mansouri said.

"Non-oil sectors accounted for about 71 per cent in the country's 2009 GDP compared to 66.5 per cent in 2008," he added.

Industry is expected to account for 20-25 per cent in the UAE's GDP in the years to come, up from 16.2 per cent this year 2010, he noted adding that the ministry's strategy aims to push up this contribution to 90-97 per cent.