Arab Monetary Fund (AMF): UAE’s GDP to grow by two percent in 2010

Abu Dhabi, Sep 2 (Calcutta Tube) UAE’s gross domestic product (GDP) will grow by two percent this year, the Arab Monetary Fund (AMF) has said.

Developments in Abu Dhabi Securities Exchange and Dubai Financial Market indicated that the consolidated budget based on current oil prices will register a total surplus of 14 billion dirhams (about $3 billion), the AMF said in its Arab Capital Markets performance and economic indicators bulletin released Tuesday.

On the monetary and banking sector, the AMF said domestic liquidity (M2) in the first four months of the year grew by 1.4 percent to 750.7 billion dirhams, while combined assets of UAE banks rose less than one percent to 1.5 trillion dirhams.

‘While private deposits surged slightly at one percent to 713.3 billion dirhams by April end 2010, loans and advances offered to private sector grew by less than one percent to 718.5 billion dirhams. Capital base went up 5.7 percent to 257.8 billion dirhams.

The report said UAE’s non-oil foreign trade rose 4.7 percent in first quarter of the year to 172 billion dirhams.

Non-oil exports rose 23.4 percent to 17 billion dirhams, while exports soared 12.7 percent to 40.9 billion dirhams.


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