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High oil good for UAE - NBAD
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Friday, 05 Oct 2012
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The National Bank of Abu Dhabi has revised its economic growth forecast for the UAE to 3.3% from the 2.6% it projected at the beginning of the year as the nation produced more oil which yielded better prices.

Mr Dr Giyas Gokkent group chief economist of NBAD said that “NBAD has revised its estimates on the assumption that “oil output has risen. However we assume oil production growth may be limited in 2013 and are thus pencilling in real GDP growth of 3.2% YoY.”

Dr Gokkent said that “The UAE is in a position to raise output given the availability of new capacity if events continue to unfold as they have in 2012 with Iranian output declining. This would result in an upward revision to our current growth estimate. In 2011, real GDP growth accelerated to 4.2% YoY up from 1.3% in 2010 on the back of oil prices. In Dubai, a 3.4% YoY growth was driven by the wholesale and retail trade, manufacturing and transport/communication sectors.”

UAE nominal GDP rose 19.3% YoY to USD 339 billion as oil prices grew 35% to USD 105 per barrel which also increased Abu Dhabi’s share in GDP to 64.8% from 59.5% in 2010. The nation’s crude oil output was up by 5% YoY in the H1 of 2012 from 2.7 million barrels per day to 2.8 million barrels per day and is targeting a capacity of 3 million barrels per day by the end of 2012. There are plans to invest USD 60 billion in the next 5 years to raise oil production capacity to 3.5 million barrels per day.

Source - Khaleej Times.com

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