Central Bank of the UAE optimistic in first financial stability review

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In its first financial stability review, published in September, the Central Bank of the United Arab Emirates (UAE) said the country had achieved "respectable growth" while maintaining a low-inflation environment.

Following a slump in 2009 led by a fall in manufacturing and real estate, the economy grew by 1.3% in 2010 and 4.2% in 2011. The recovery was due to high oil prices and the good performance of tourism, the central bank said, while growth prospects this year are "encouraging".

The UAE

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