UAE Economic News Flow

JUN/18/2009 M1 Grew 3.6% in May/09 to 220.2 Billion Dirhams uss
M1 an indicator of future inflation, grew 3.6 % in May/09 over Apr/09.
M1 money supply had fallen 2% in Apr/09 from Mar/09.
M3 measure of money supply gained 1% in May/09 over Apr/09.
M3 include government deposits.

UAE 2008 growth 7.4%
Preliminary data http://www.economy.ae/English/Pages/default.aspx
Real Gross Domestic Product (GDP) Dh 535.6 billion [2008] Dh 498.7 billion[2007]
Growth rate 5.2% [2007]
Nominal GDP Dh 929.4 billion [2008] Dh 729.7 billion [2007].
Effect of the international financial crisis on aggregate constituents of the national economy was relative and minimal. economy's blanket and the fast effective actions taken by the government have assisted, to greater extent, certain economic sectors to regain balance, following the direct difficulties they encountered as a result of the international financial crisis.

Effective actions being adopted have helped as well to guide construction, real estate, financial secvices and oil sectorinto curative and disciplinary processes which may be beneficial in the long run.
Prior to the crisis has completed its accelerated growth, supported by high growth rates of oil prices, as the price of oil barrel has reached about 147 dollar in July 2008, and hence went through recess and reached its lowest level of 38.6 dollar in December 2008.

A number of factors had contributed to realisation of the GDP growth, top on the list is oil price hike, as average price of oil per barrel was estimated at about 94.5 dollar in 2008, compared to an average price of about 69.1 dollar per barrel in 2007, which represents an increase of 36.8 per cent. This had positively reflected on the growth of total GDP for 2008.