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Dubai growth seen down at 4.1 percent
Dubai's real economic growth is expected to slow to 4.1 percent in the first quarter, due to the impact of lower economic activity in China, India and the European Union, according to a report from the Dubai Economic Council.
January 24, 2012 1:52 by Reuters
This compares to a forecast 5 percent growth in the previous quarter and a 10.5 percent growth in the same quarter of 2011, said the report issued on Monday.
The report estimated a deflation of -0.5 percent in the fourth quarter of 2011 and forecast an inflation of 1.5 percent in the first quarter of this year. This is compared to 0.3 percent in the third quarter.
The report said the euro zone crisis, along with a drop in the value of the euro and UAE initiatives to curb spending, helped keep inflation under control. (Reporting by Mirna Sleiman; Editing by Firouz Sedarat) *image from realtyna.com