The Dubai economy has bounced back strongly from the financial crisis, than was expected, according to the latest official data.
The figures from Dubai Statistics Centre revealed that the growth of the economy in the emirate was at the rate of 2.8percent in 2010. The increased pace of growth in 2010, signifies the huge change in its fortune when the effects of the global economic crisis fell in 2009.
The economy of the emirate dripped by 2.4percent that year, with the impact of the financial crisis, taking a toll on the Dubai property market too, resulting in cancellation and delay of several projects worth tens of billions of dollars.
The latest statistics have revealed that real GDP in Dubai grew to Dh.293.6bn in 2010, an increase from Dh.286.6bn in 2009. Further, according to the prediction by IMF, the entire economy of UAE is likely to grow by 3.5percent this year.