Sending a clear message to the international business community that sunny days are here again, a slew of data emerging from different sectors confirmed the UAE’s turnaround story is more compelling than ever.Real GDP growth accelerated to 4.2 per cent year-on-year, up from 1.3 per cent in 2010, on the back of oil prices. In Dubai, a 3.4 per cent year-on-year growth was driven by the wholesale/retail trade, manufacturing and transport/communication sectors.
The National Bank of Abu Dhabi (NBAD) revised its economic growth forecast for the UAE to 3.3 per cent from the 2.6 per cent it projected at the beginning of the year as the nation produced more oil, which yielded better prices.
According to another data released by the Central Bank on Tuesday, banks and financial institutions in the country sanctioned loans more generously to their credit-hungry customers as they recorded strong growth in deposits during the first seven months of this year. Lending grew 1.9 per cent and bank deposits increased 4.2 per cent during January-July 2012.
In another statement ,the Central Bank said that money supply movement, which includes currency in circulation and currency at banks, increased by 3.8 per cent to Dh55.1 billion at the end of July 2012.
Source: Khaleej Times
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