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09-01-13

UAE- 2012 net foreign assets estimated at USD447b

(MENAFN) The Institute for International Finance (IIF) stated that during the past year, the UAE's net foreign assets are expected to have grown by USD37 billion to USD447 billion, reported Emirates 24/7. The Washington-based IIF said that for the current year, net assets are expected to hit USD482 billion, representing 126 percent of 2013's gross domestic product (GDP). It added that the figure is compared with USD410 billion at the end of 2011 and USD342 billion at the end of 2010. The country's real economic growth is estimated to have stayed high at 4.1 percent last year, compared with 5.2 percent in 2011, while it would decline to 3.5 percent this year. The country's oil sector is expected to have expanded by 5.1 percent in 2012, and the non-hydrocarbon sector by nearly 3.9 percent. On the other hand, the UAE's fiscal surplus is projected to have grown to 4 percent in 2012 and to swell to 5 percent in 2013. Meanwhile, last year's current account balance is also estimated to have jumped by 15.9 percent and would decline to about 14.9 percent the current year.

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