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Thu 5 Nov 2009 12:31 PM

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Abu Dhabi economy to grow 5% in 2010 - paper

Abu Dhabi's economy seen growing 2-3% this year; signs of recovery emerging.

Abu Dhabi's economy is poised to grow by two to three percent in 2009 and by more than five percent next year, a newspaper reported on Thursday, citing the oil-exporting emirate's 2009 annual economic report.

Abu Dhabi, the top oil producer among seven members of the United Arab Emirates federation, said in the report that signs of economic recovery were emerging, Alrroya Aleqtissadiya newspaper reported.

The global credit crunch sent the top Gulf Arab economies - Saudi Arabia and the UAE - into a downturn this year but high state spending and a turnaround in oil prices are helping the world's top oil-producing region get back on its feet.

UAE Economy Minister Sultan bin Saeed Al Mansouri said earlier this week the second largest Arab economy was firmly on the path to recovery, reiterating his forecast last month for 1.3 percent growth this year.

Abu Dhabi contributes around two thirds of the gross domestic product of OPEC-member UAE.

Government officials were not immediately available to confirm the press report. (Reuters)

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