Dubai's economy is headed for the biggest expansion in five years as the Persian Gulf business hub benefits from tourism and trade. (more)
's economy is headed for the biggest expansion in five years as the Persian Gulf business
hub benefits from tourism and trade.
The emirate's gross domestic product grew 4.1 percent in the first half to 161.5 billion dirhams ($44 billion), the Dubai Statistics Center said in an e-mailed statement today, on track to reach the government's forecast of 5 percent for the year. The hotel and restaurant industries grew more than 16 percent, while manufacturing expanded 10.4 percent. The emirate's economy grew 18.1 percent in 2007, according to government data.
"We have seen a continued improvement in consumption environment, both linked to domestic consumption and tourism," Monica Malik, Dubai-based chief economist at EFG-Hermes who forecasts 2012 GDP growth at 4 percent, said by telephone. "Moreover, we are seeing signs of a tentative pickup in investments, which is a relatively newer development."
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