Central Bank of the UAE optimistic in first financial stability review
In its first financial stability review, published in September, the Central Bank of the United Arab Emirates (UAE) said the country had achieved "respectable growth" while maintaining a low-inflation environment.
Following a slump in 2009 led by a fall in manufacturing and real estate, the economy grew by 1.3% in 2010 and 4.2% in 2011. The recovery was due to high oil prices and the good performance of tourism, the central bank said, while growth prospects this year are "encouraging".
The UAE
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