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UAE Yearbook 2010
gdp growth as one of the leading suppliers of crude oil, the uae had initially been insulated from the global downturn by high oil prices, which soared to a record us$147 in july 2008. however, the country was eventually affected by the deepening global downturn that led to a slump in the demand for oil, dragging prices to less than a third of the july 2008 peak. in the final months of 2008 the tremors reverberating through international economies were finally felt in the region with the widening of sovereign risk spreads, the reversal of large private capital inflows and a sharp downturn in stock market indices. further proof of the uae s close integration in the global economy was provided by a decline in the country s construction and property sectors, mainstays of the country s economic growth. all these factors meant that the uae s growth in 2009 was sharply down from previous years. the ministry of economy in october 2009 forecasted growth of 1.3 per cent for the year. the imf upgraded its gdp prediction in november 2009 to a contraction of about 0.2 per cent instead of the 0.6 per cent decline it had forecast in may. the imf predicted, however, that the uae would return to positive figures in 2010 with an expansion of 2.4 per gdp growth during 2008, overall and for selected sectors 40% 35% 30% 25% 20% restaurants and hotels 15% 10% 5% wholesale retail traide and repairing services financial sector manufacturing industries construction sector oil & gas sector overall 56 > uae 2010
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