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UAE economy to surge 7pc
Posted: Sunday, January 07, 2007

Dubai

The UAE economy may grow 7 per cent this year, paced by services and industry, National Bank of Abu Dhabi said in a report.

That compares with estimated growth in 2006 of 8 per cent and an average annual 7.7 per cent in the seven years from 2000, said the country's largest lender by assets.

The nation, which relies on crude oil for about a third of its gross domestic product, may post its third-largest current-account surplus this year in eight years on average oil prices for Dubai blend crude of $56 per barrel, the bank said.

The projected surplus of $24.9 billion compares with an estimated $29.6 billion in 2006, the biggest in at least seven years, according to the bank.

Oil prices have tripled since 2001. Reuters