Dubai GDP fell 2.4 per cent in 2009: official figures

Reuters , Sunday 20 Mar 2011

Stats show greater drop than IMF predictions

Mixed forecasts for Dubai (Photo: Reuters)

Figures released from the Statistics Center of Dubai on Sunday showed the emirate's economy shrunk a greater-than-expected 2.4 per cent in real terms 2009, due to the drop in real estate and construction.

Dubai's economy grew 3.2 per cent in 2008, fuelled by booms in oil production and property.

The International Monetary Fund predicted that real GDP in Dubai shrunk 0.9 per cent in 2009 and grew 0.5 per cent in 2010.

The Center made no data available on GDP growth in 2010.

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