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THE ECONOMY - GROSS DOMESTIC PRODUCT, GDP

UAE GDP up US$62 billion in 2011: IMF

Posted on 20/05/2012

Strong crude prices allied with high oil production by the UAE to boost its nominal gross domestic product by nearly US$62 billion in 2011 and allow it to maintain its position as the second largest Arab economy. Oil prices averaged a record high of nearly US$110 in 2011 while the UAE pumped around 2.6 million barrels per day, one of its highest crude production levels since it began exporting oil five decades ago. Given its heavy reliance on oil exports, higher prices and output expanded ...  >>MORE

Abu Dhabi private sector at third of GDP

Posted on 16/04/2012

Abu Dhabi's private sector has steadily grown over the past years to reach nearly a third of the emirate's GDP and largely surpass the government sector. Figures by the Abu Dhabi Chamber of Commerce and Industry showed the private sector would grow by around 6.4 per cent in 2012 while the non-oil government is projected to expand by 5.5 per cent. The private sector's contribution to GDP was estimated at around Dh218 billion in 2011 and is forecast to climb to Dh232 billion in 2012, the ...  >>MORE

UAE GDP to climb to US$358 billion in 2012

Posted on 04/04/2012

The UAE's GDP will climb to its highest level of around US$385 billion in current prices in 2012 to maintain its position as the largest Arab economy after Saudi Arabia, regional data showed on Wednesday. At that level, the UAE will account for more than a fifth of the combined GDP of the six-nation Gulf Cooperation Council (GCC), forecast at around US$1.46 trillion this year, its highest ever, the Saudi-based Federation of GCC chambers of commerce and industry (FGCCI) said in a report, ...  >>MORE

UAE GDP grew by almost 5% in 2011: IMF

Posted on 15/03/2012

The UAE economy swelled by 4.9 per cent in 2011 to surpass earlier expectations due to higher oil output and expansion in the non-hydrocarbon sector, according to the IMF. Real GDP growth is projected to moderate to 2.5 per cent this year but non-hydrocarbon growth will remain strong, said Harald Finger, who led an IMF mission to the UAE during February 28-March 14 to conduct discussions for the Article IV consultation with the country. The mission met with Minister of State for Financial ...  >>MORE

Dubai GDP to grow by 5% in 2012

Posted on 16/02/2012

Dubai's GDP is expected to grow between 4.5 and five per cent in 2012, Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said at the Dubai Economic Outlook 2012 conference yesterday. "In spite of the difficulties Dubai has experienced, particularly in 2009 and early 2010, its strategy of creating new opportunities through diversification has succeeded in bringing about economic prosperity and stability," he said. Sheikh Ahmad said Dubai's economy returned ...  >>MORE

Dubai's GDP forecast to grow 4.1% in first quarter

Posted on 24/01/2012

Dubai's GDP is expected to grow 4.1 per cent in the first quarter of this year, according to the Dubai Economic Outlook 2011 report released by the Dubai Economic Council yesterday. However, the report also suggested that GDP growth might decline as the year wears on. Abdul Razak Al Faris, chief economist and CEO of research at the Dubai Economic Council, said any such decline would be brought on by an economic slowdown in Dubai's trade partners such as the EU members, China, India and other ...  >>MORE

Abu Dhabi GDP expected to grow 4% in 2012

Posted on 27/12/2011

The gross domestic product (GDP) of the emirate is expected to grow 4 per cent to Dh750 billion next year, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) said yesterday. The contribution of oil industry revenues to GDP is expected to rise to Dh385 billion in 2012 from Dh347 billion in 2011. Of the projection for oil-based revenue in 2012, crude oil accounts for Dh345 billion, compared with Dh309 billion in 2011. Refining and gas liquefaction will account for the remaining Dh40 ...  >>MORE

UAE GDP to peak at Dh1.248 trillion in 2011

Posted on 18/12/2011

The UAE's GDP is expected to peak at Dh1.248 trillion in current prices this year to maintain its position as the largest in the Arab world after Saudi Arabia's economy, according to an official study. The expected level this year will be nearly 198 times the country's nominal gross domestic product of Dh6.5 billion when it was established in 1971, the Dubai Economic Council said in the study, dubbed "the document of the union era.” Real GDP is forecast to grow by around 3.3 per cent in ...  >>MORE

Non-oil input to Abu Dhabi GDP growing

Posted on 20/11/2011

Abu Dhabi's oil-dependent economy is diversifying fast as the share of its non-oil sector has grown for the second year in a row. In 2010, oil contribution to gross domestic product, or GDP, was 49.7 per cent as the emirate is on the right track towards achieving sustainable development, said Nasser Ahmed Al Suwaidi, chairman of the Abu Dhabi Department of Economic Development. He said Abu Dhabi has come a long way in diversifying the economic base in a manner consistent with the goals of ...  >>MORE

UAE to grow 4.4% in 2011

Posted on 23/10/2011

Strong oil prices will ally with high public spending to boost the UAE's real GDP by around 4.4 per cent in 2011 while its fiscal and current account balance will record large surpluses, according to a key Western financial centre. Growth this year is higher than the 3.2 per cent increase in the GDP of the second largest Arab economy but growth is projected to slow down to around 3.1 per cent in 2012 as a result of an expected fall in crude prices, the Washington-based Institute for ...  >>MORE

Abu Dhabi GDP to top Dh1.5trn in 2030

Posted on 11/10/2011

Abu Dhabi's real GDP could rocket above Dh1.5 trillion in 2030 while the non-oil sector will leap to nearly Dh976 billion to maintain its share of more than half the overall economy, according to government data. The GDP in 2030 will be more than five times its level of Dh285bn in 2005 and nearly triple the 2010 GDP of Dh517bn, showed the figures by the Abu Dhabi Department of Economic Development (DED). A study presented to an economic seminar in Abu Dhabi last week forecast steady GDP ...  >>MORE

UAE may see 3.3% real GDP growth

Posted on 06/09/2011

The UAE is expected to achieve a 3.3 per cent real GDP growth in 2011 as the country continues to improve its economy during the year on increased trade, tourism, consumer confidence and rising oil prices, according to a new study and recent forecasts. "We have left our 2011 real GDP growth forecast of 3.3 per cent unchanged for now, and reiterate our belief that the UAE is among one of the only countries that has seen its growth outlook improve since the start of 2011,” Business Monitor ...  >>MORE

Al Suwaidi sees 2011 GDP growth at 4%

Posted on 27/06/2011

The United Arab Emirates prefers to use dollar-based instruments such as deposits rather than low-yielding US Treasuries to manage foreign reserves, its central bank governor said on Sunday. Sultan Nasser Al Suwaidi also told Reuters in an interview on Sunday that he expected the UAE economy to grow by up to 4 per cent this year, driven by the tourism and trading sectors. Concerns over US Treasuries, one of the favourite instruments for the world's central banks in managing reserves, are ...  >>MORE

UAE GDP expected to grow 3-3.5 % in 2011: Economy Minister

Posted on 02/06/2011

Based on indicators in the first five months of 2011, the United Arab Emirates' gross domestic product is expected to grow between 3 to 3.5 percent this year, Sultan bin Saeed Al Mansouri, Minister of Economy, said yesterday. Speaking to reporters on the sidelines of the 21st meeting of GCC ministers for planning and development in Abu Dhabi, Al Mansouri said the GCC invitation for Jordan and Morocco to join the group would, if takes place, contribute to expanding the GCC Common Market and ...  >>MORE

UAE's GDP grow 1.4% in 2010, says report

Posted on 15/05/2011

The United Arab Emirates' economy grew 1.4% in real terms in 2010 after shrinking 1.6 percent in 2009, according to the National Bureau of Statistics' data released on Saturday. The statistics office said in the statement that higher oil prices were a key factor driving the OPEC member's economy out of the global financial crisis. The National Bureau of Statistics also said it changed its base year for economic indicators to 2007 from the previous benchmark of 2000. - Emirates News Agency, WAM ...  >>MORE

UAE GDP to grow around 3.5% in 2011

Posted on 11/05/2011

The United Arab Emirates' gross domestic product (GDP) is expected to grow by between 3 and 3.5 per cent in 2011, economy minister Sultan Bin Saeed Al Mansoori said on Tuesday. "We are expecting for this year the GDP of the UAE to range between 3 to 3.5 per cent,” Al-Mansoori told reporters on the sidelines of an investment event. "Inflation will be under control. So far we predict it will be hovering between 1 to 1.5 per cent,” he also said. "But I am not worried about it.” Analysts polled ...  >>MORE

Dubai GDP growth seen at 3 to 5% in 2011

Posted on 01/03/2011

Dubai's economy may expand by up to 5 per cent this year, the head of its chamber of commerce said on Monday, adding that it is too early to quantify the local business impact of uprisings elsewhere in the region. "We expect 3 to 5 per cent of real gross domestic product (GDP) growth in 2011," Hamad Bu Amim, director general at the Dubai Chamber of Commerce and Industry, said. "I don't want to call Dubai an escape haven, but Dubai should be viewed as a very stable entry point into the Middle ...  >>MORE

UAE nominal GDP up 1.5% to reach Dh928b

Posted on 25/01/2011

The nominal gross domestic product, or GDP, of the UAE is estimated to have reached Dh928 billion, up 1.5 per cent in 2010, while the real GDP grew 0.6 per cent to Dh517.6 billion in the same year, Global Research reveals in its latest Economic Review. Refuelling the economic growth in 2010 was the hydrocarbon sector, accounting for 34 per cent of the GDP, up from 29 per cent in the previous year, the review shows. The difference between the nominal GDP, which is based on current prices, and ...  >>MORE

Abu Dhabi real GDP to grow 3.8% in 2011

Posted on 12/01/2011

Abu Dhabi's economy is projected to grow by nearly 3.8 per cent in 2011 and the non-hydrocarbon sector will likely drive that growth, a local report has shown As the emirate is pushing ahead with expansion projects in its hydrocarbon sector, oil investments are forecast to climb to a record high of around Dh33.7 billion in 2011, nearly Dh4 billion above 2010, said the report by the Abu Dhabi Chamber of Commerce and Industry (ADCCI). From around Dh546.7 billion in 2010, Abu Dhabi's real GDP ...  >>MORE

Abu Dhabi GDP to grow 8% in 2011

Posted on 30/12/2010

Strong oil prices will boost Abu Dhabi's economy by nearly eight per cent in current prices next year while investments will surge by 15 per cent, nearly half of which will come from the private sector, according to a local study. Exports are also projected to swell by nearly 9.5 per cent in 2011 and imports by around eight per cent, indicating a continued recovery in domestic business, said the study by the Abu Dhabi Chamber of Commerce and Industry. From an estimated Dh546.7 billion in ...  >>MORE

Abu Dhabi is planning to achieve growth by 6-7% in real GDP over the period 2008-2012

Posted on 15/11/2010

Abu Dhabi is planning to achieve growth by 6-7% in real GDP over the period 2008-2012, according to the annual economic report on Public Finance and Economic Planning released by Department of Economic Development in Abu Dhabi. 'That aim corresponds to a large extent the main objectives of the Vision of an overall growth target of 7%. The non-oil economy would be an important contributor to the overall growth of the economy of Abu Dhabi. Similarly, it is expected to match the rates of ...  >>MORE

IMF raises UAE's growth outlook to 2.4%

Posted on 10/10/2010

The IMF has upgraded its GDP forecast for the UAE this year as the economy benefits from a strong rebound in Asia and agreement over Dubai World’s US$24.9 billion (Dh91.45bn) debt restructuring plans. Economic expansion would reach 2.4 per cent, faster than the 1.3 per cent it previously forecast. The IMF’s latest forecasts are contained in its revised world economic outlook report released yesterday. Masood Ahmed, the director of the Middle East and Central Asia department of the IMF, ...  >>MORE

IMF doubles UAE growth projections

Posted on 07/10/2010

The UAE's gross domestic product (GDP) is expected to grow 2.4 per cent this year, a strong turnaround from its 2.5 per cent decline last year, according to the International Monetary Fund (IMF) Wednesday. This is nearly double the earlier projection of 1.3 per cent for the UAE economy by the IMF and close to a projection by the UAE Ministry of Economy of about 2.5 per cent. The latest edition of the IMF's half yearly status report, Global Economic Prospects (GEP), also projected 3.2 per ...  >>MORE

UAE GDP likely to grow 2% in 2010: AMF

Posted on 01/09/2010

The Arab Monetary Fund (AMF) expects the UAE gross domestic product (GDP) to grow by two per cent this year against a contraction of one per cent over 2009. The periodical bulletin of the Arab Capital Markets performance and economic indicators for the first half of the year said that developments in the Abu Dhabi Securities Exchange and Dubai Financial Market indicated that the consolidated budget, based on the current oil prices, would register a total surplus of Dh 14 billion as compared to ...  >>MORE

GDP is growing steadily: Tayer tells FNC

Posted on 16/06/2010

The state's financial situation is 'sound' and economic indicators are 'positive', Obaid Humaid Al Tayer, Minister of State for Financial Affairs, affirmed yesterday. 'The Gross Domestic Product (GDP) is growing steadily and the situations are positive in general as there is state indebtedness at all,' the minister told a Federal National Council session held to discuss the policy of the ministry of finance. Al Tayer said his ministry had reaped interests amounting to Dh3.2 billion from 39 ...  >>MORE

UAE nominal GDP to expand 8% in 2010

Posted on 10/06/2010

A marked increase in the UAE's private consumption, investments and net exports will bring the country's nominal GDP to Dh843 billion by the end of this year, eight per cent higher than the estimated Dh780bn in 2009. The country is also set to see a two per cent employment growth, with Dubai touching positive territory again. Figures from the Dubai Chamber of Commerce and Industry show that the UAE's private spending, which dropped 12.5 per cent last year, is expected to increase by two per ...  >>MORE

UAE's real GDP expected to grow 2%: IIF

Posted on 18/05/2010

The UAE's real GDP is expected to grow at moderate rates of two per cent this year and 2.7 per cent in 2011, forecast the Washington-based Institute of International Finance (IIF). "With a successful resolution of Dubai World's debt issues, especially if this sparks an acceleration of reforms, growth could reach 2.7 per cent this year and 4.3 per cent next year," said IIF in its latest "GCC Regional Overview" released yesterday. Dubai World's debt refinancing challenges should be viewed in ...  >>MORE

UAE likely to see real GDP growth of 2.5% in 2010

Posted on 26/01/2010

The UAE is likely to see real GDP growth of 2.5 per cent this year and double to five per cent next year as risk appetite grows and investments begin to flow into Dubai's real estate sector, analysts said yesterday. Emirates NBD Chief Economist Tim Fox and Chief Investment Officer Gary Dugan said in a media roundtable yesterday that "an increasing number of our clients have started to put money towards real estate, Dubai's real estate. "The interest is really huge, it's not small money. ...  >>MORE

Sharjah's GDP grows by 11% over five years

Posted on 18/11/2009

Sharjah's Gross Domestic Product (GDP) has risen to Dh71 billion by the end of 2008 from Dh41bn in 2005, with a recorded annual growth rate of 11 per cent over the past five years, according to Marwan Al Sarkal, CEO of Sharjah Investment and Development Authority (Shurooq). Participating in the UAE Businessmen's Forum organised by Sharjah Chamber of Commerce and Industry, Sarkal said Sharjah is one of the most important destinations for investors in the tourism sector. "We believe that ...  >>MORE

Abu Dhabi's GDP grew 30% in 2008: Report

Posted on 05/11/2009

Defying challenges, implications of the international financial crisis and sharp surge in prices of most food commodities, the Abu Dhabi's GDP rose at current prices to 30 per cent in 2008 from 17.2 per cent in 2007, according to the Abu Dhabi Economic Report 2009. The Report was released yesterday at a press briefing held by the Department of Economic Development in Abu Dhabi (DED). DED Chairman Nasser Al Suweidi said in the forward of the report that "The DED has made a raft of measures ...  >>MORE

Dubai's GDP rises 0.3% in first quarter despite global downturn

Posted on 28/10/2009

Dubai's GDP rose in the first quarter of the year despite the global financial downturn, according to newly released figures by the Dubai Statistical Centre. GDP in constant prices rose 0.3 per cent in the first quarter of 2009 compared with the first quarter of 2008. In the first quarter last year it was Dh68.21 million. It rose to Dh68.397 million. The five most predominant sectors which have shown resilience to the economic downturn and led to this first quarter rise are the wholesale ...  >>MORE

RAK's GDP grows 14%

Posted on 31/08/2009

Gross domestic product of Ras Al Khaimah grew by 14% to hit Dh13.65 billion, according to the Economic Development Department in Ras Al Khaimah. The figures were revealed in the 10th edition of the statistics book, published annually by the Department. - Emirates News Agency, WAM ...  >>MORE

UAE GDP soars 23% to Dh934 billion in 2008

Posted on 28/07/2009

The UAE economy raced by more than 23 per cent in nominal terms to more than Dh934 billion in 2008 and the surge was in both the oil and non-oil sectors, official estimates showed yesterday. Abu Dhabi and Dubai remained the dominant economies with the UAE, accounting for nearly 87 per cent of the total gross domestic product of the seven emirates, the Ministry of Economy said in a new report. Revising earlier figures for the GDP, which was previously estimated at Dh927bn, the report put the ...  >>MORE

Real GDP grew 7.4% in 2008

Posted on 26/07/2009

The UAE economy grew by about 7.4 per cent in real terms in 2008 despite a sharp decline in oil prices in the second half of the year because of the global financial downturn, said the Central Bank yesterday. Releasing its annual report for 2008, the bank said the high growth was a result of strong oil prices in the first half of 2008 and steps taken by the government in the second half to counter the impact of the crisis. The rate was higher than the 5.3 per cent real growth recorded in ...  >>MORE

UAE economy records 7.4% growth in 2008

Posted on 26/03/2009

The UAE economy recorded a growth of 7.4% in 2008. Preliminary data issued by the Central Statistics Department of the Economy Ministry indicates that total Gross Domestic Product (GDP) at fixed price amounted to Dh 535.6 billion in 2008, representing a growth rate of 7.4 per cent, against Dh 498.7 billion, and a growth rate of 5.2 per cent in 2007, whereas the GDP at current price totaled to about Dh 929.4 billion in 2008 over Dh 729.7 billion in 2007. According to Sultan Bin Saeed Al ...  >>MORE

Sharjah's GDP grows to Dh68.4 billion in 2007

Posted on 23/10/2008

Ali Bin Salem Al Mahmoud, Sharjah Economic Development Department (SEDD) General Manager stated that the government financial tools and the wise leadership of HH Dr Sheikh Sultan bin Mohammed Al Qasimi, UAE Supreme Council member and ruler of Sharjah have significantly contributed to buffer the local economic activities from the impacts of global financial crunch. This was apparent as the Government sector has grown its share of the emirate's GDP from Dh60.4 billion in 2006 to Dh68.4 billion ...  >>MORE

UAE's GDP doing well despite global inflation: Minister

Posted on 18/09/2008

The UAE GDP in 2007 reached Dh 729.7 billion, with a growth of 7.4% from last year's figures, while the contribution of non-oil sectors to the GDP for the same year was a healthy Dh 467bn, which constitute 64.1% of the total UAE GDP for 2007, according to Minister of Economy H.E Sultan Al Mansouri. The Minister was addressing Dubai's Business Councils and Groups at the Business Networking Suhoor organized by Dubai Chamber of Commerce and Industry (DCCI) as part of their regular monthly ...  >>MORE

UAE's GDP grew by 5.2pc during last year - Report

Posted on 17/09/2008

The real Gross Domestic Product of UAE grew by 5.2% during 2007, showed a report released by the Ministry of Economy. The country's economy expanded to Dh729.7 billion during last year, according to the report. It said that the GDP in the non-oil sector achieved a growth rate of 16.8 pc, rising into Dh 467.9bn. This accounted for 64.1% of the total GDP during 2007. The report asserted the success of UAE in covering a long distance in its march towards economic growth, and in diversifying its ...  >>MORE

Abu Dhabi's GDP seen at US$179 billion in 2010

Posted on 27/08/2008

Buoyed by robust growth in non-oil sectors, high oil revenues, strong investor confidence in the local economy, Abu Dhabi's real GDP is projected to quadruple to US$315 billion by 2025, according to a top official said on Tuesday. "Comfortable oil-backed financial status, innovative business environment, ultra-modern infrastructure and vibrant performance of macro-economy will keep Abu Dhabi economy on track of powerful growth,” said Dr. Ahmed Menawi, an economist at Department of Planning ...  >>MORE

GDP growth likely to be at 7.2% for 2008

Posted on 14/07/2008

The UAE's real GDP growth rate is projected to slow down to 7.2 per cent this year against 7.4 per cent in the previous year, says a new Merrill Lynch report. The forecast by the world's leading financial and advisory company is in line with the UAE's Ministry of Economy statement last week that real GDP grew by 7.4 per cent last year. The report said the UAE's nominal gross domestic product (GDP) growth is expected to rise from last year's US$190 billion (Dh697.3bn) to US$237.5bn in 2008. ...  >>MORE

Investments into Abu Dhabi set to reach Dh1 trillion

Posted on 02/06/2008

Abu Dhabi has attracted nearly Dh300 billion in cumulative investments over the past five years and the capital is projected to triple to more than Dh1 trillion in the next five years, semi-official data showed yesterday. But the total value of projects to be carried out in the emirate could exceed Dh1.3trn in the next few years and more than half of them would be in the construction sector, said the Abu Dhabi Chamber of Commerce and Industry. In a 50-page report on Abu Dhabi's economy, the ...  >>MORE

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Quick List

UAE GDP up US$62 billion in 2011: IMF


Abu Dhabi private sector at third of GDP


UAE GDP to climb to US$358 billion in 2012


UAE GDP grew by almost 5% in 2011: IMF


Dubai GDP to grow by 5% in 2012


Dubai's GDP forecast to grow 4.1% in first quarter


Abu Dhabi GDP expected to grow 4% in 2012


UAE GDP to peak at Dh1.248 trillion in 2011


Non-oil input to Abu Dhabi GDP growing


UAE to grow 4.4% in 2011


Abu Dhabi GDP to top Dh1.5trn in 2030


UAE may see 3.3% real GDP growth


Al Suwaidi sees 2011 GDP growth at 4%


UAE GDP expected to grow 3-3.5 % in 2011: Economy Minister


UAE's GDP grow 1.4% in 2010, says report


UAE GDP to grow around 3.5% in 2011


Dubai GDP growth seen at 3 to 5% in 2011


UAE nominal GDP up 1.5% to reach Dh928b


Abu Dhabi real GDP to grow 3.8% in 2011


Abu Dhabi GDP to grow 8% in 2011


Abu Dhabi is planning to achieve growth by 6-7% in real GDP over the period 2008-2012


IMF raises UAE's growth outlook to 2.4%


IMF doubles UAE growth projections


UAE GDP likely to grow 2% in 2010: AMF


GDP is growing steadily: Tayer tells FNC


UAE nominal GDP to expand 8% in 2010


UAE's real GDP expected to grow 2%: IIF


UAE likely to see real GDP growth of 2.5% in 2010


Sharjah's GDP grows by 11% over five years


Abu Dhabi's GDP grew 30% in 2008: Report


Dubai's GDP rises 0.3% in first quarter despite global downturn


RAK's GDP grows 14%


UAE GDP soars 23% to Dh934 billion in 2008


Real GDP grew 7.4% in 2008


UAE economy records 7.4% growth in 2008


Sharjah's GDP grows to Dh68.4 billion in 2007


UAE's GDP doing well despite global inflation: Minister


UAE's GDP grew by 5.2pc during last year - Report


Abu Dhabi's GDP seen at US$179 billion in 2010


GDP growth likely to be at 7.2% for 2008


Investments into Abu Dhabi set to reach Dh1 trillion