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THE ECONOMY - GROSS DOMESTIC PRODUCT, GDP

13.3% increase in Dubai's real GDP in 2004

Posted on 07/09/2005

The UAE economy in general and Dubai in particular proved to be relatively less dependent on oil sector when compared to other GCC countries. In 2004, oil represented 32.5% of the UAE real GDP, compared to only 6.1% of Dubai real GDP which was around 8% in 2001. Table 1 shows that Dubai total real GDP stood at Dh111 billion in 2004 compared to Dh98 billion in 2003, recording a growth of 13.3%. Dubai's economic performance is outstanding, as the Emirate has achieved higher increase over all ...  >>MORE

Study predicts surge in UAE's GDP

Posted on 05/09/2005

Gross Domestic Product (GDP) of the United Arab Emirates is projected to reach Dh395 billion by the end of this year, according to a local economic study. The study, released by the Information Centre at the Abu Dhabi Chamber of Commerce and Industry, said that the country's GDP saw a rise to Dh378 billion in 2004, from 321 billion in previous year. On the industrial sector, the study called for measures to stamp out dumping which is considered the main challenge facing industrial ...  >>MORE

GDP poised to grow by 6.6% this year

Posted on 03/09/2005

The UAE economy, the third-biggest in the Arab world, will expand 6.6 per cent in 2005, compared to 7.4 per cent in 2004, but growth will slow to 3.6 per cent in 2006 due to flat oil production and tightening credit, Cairo-headquartered brokerage company EFG-Hermes said in a report. Consumer price inflation is expected to surpass six per cent this year from 4.6 per cent in 2004 as robust domestic demand continues to fuel inflationary pressures, particularly in the real estate sector, the ...  >>MORE

UAE deficit down 94.1% as oil income rises sharply

Posted on 17/08/2005

The UAE's government deficit narrowed by 94.1 per cent to Dh855 million last year from Dh14.4 billion in 2003, the latest Central Bank report shows. The deficit was covered entirely by income on government investments. The report citing the Ministry of Economy and Planning said revenues increased by 22.6 per cent in 2004 to Dh94.4 billion, up from Dh77.0 billion in 2003, mainly due to the increase in oil and gas earnings. A robust non-oil sector despite a lower contribution by the oil ...  >>MORE

GDP surges ahead by 7.4%

Posted on 17/08/2005

A robust non-oil sector, despite a lower contribution by the oil sector, lifted the UAE's GDP (at constant prices) to Dh323.6 billion in 2004, up 7.4 per cent over 2003, said the Central Bank's annual report released yesterday. Analysts said GDP growth demonstrated the strength of the UAE economy and projected a better outlook for 2005. "The GDP at base price and at constant prices of 2000 rose from Dh301.3 billion in 2003 to Dh323.6 billion in 2004," said the report. "Despite the increase ...  >>MORE

Abu Dhabi's GDP rises 14%

Posted on 23/07/2005

Abu Dhabi's gross domestic product (GDP) stood at more than Dh217.1 billion in 2004, registering a growth of 13.9 per cent when compared to 1999, according to a senior government official. "There was a great growth during 1999 to 2004 period. It was the result of the great support by the late Sheikh Zayed Bin Sultan Al Nahyan and President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, said Butti Bin Ahmad Mohammad Al Qubaisi, Assistant Under Secretary for the Abu Dhabi Department of Planning ...  >>MORE

UAE poses Dh323.6 billion GDP in 2004

Posted on 19/07/2005

UAE's gross domestic product, GDP, grew by 7.4 per cent in 2004 as the country recorded a GDP of Dh323.6 billion against Dh301.3 billion in 2003, according to 2004 annual report of the UAE Central Bank. The report, which was issued yesterday, said the UAE's non-oil sector recorded a 9.4 per cent growth as the sector accounted for 71.7 per cent of the 2004 GDP, while the crude oil and natural gas sector rose from the Dh91.03 billion in 2003 to Dh93.63 billion in 2004, representing a growth of ...  >>MORE

UAE GDP to grow 4.5pc

Posted on 16/07/2005

Prospects of high oil prices and large number of infrastructure projects under way in the UAE is expected to keep up the tempo of economic boom throughout the second half of 2005, while the country is expected to move on a high growth trajectory for the next two years, according to a recent forecast by Business Monitor International (BMI). The BMI forecast projects the real GDP of the country to grow by 4.5 per cent in 2005 against 4.8 per cent last year. However, for next two years the ...  >>MORE

UAE is on track to post 12.7% growth

Posted on 02/07/2005

The UAE's gross domestic product (GDP) is on course to record a robust 12.7 per cent growth this year to Dh314.81 billion, the country's top policymakers stated yesterday. Such strong economic growth can be maintained in future through the country's strategy of extending its markets by joining economic blocs, said Sheikha Lubna Al Qasimi, Minister of Economy and Planning, and Dr Mohammad Khalfan Bin Kharbash, Minister of State for Finance and Industry. The UAE's ongoing negotiations to sign ...  >>MORE

Oil boom lifts UAE per capita income above Dh91,000

Posted on 14/05/2005

Per capita income in the UAE has risen above Dh91,000 for the first time, said Abdullah Sultan, secretary-general of the Federation of the UAE Chambers of Commerce and Industry. The jump occurred despite the relatively high growth in population. It was spurred by high oil prices and strong growth in GDP. UAE per capita income in 2003 was approximately Dh81,000. Sultan told delegates at a UAE-German Economic Forum in the German city of Essen that the UAE's GDP last year exceeded Dh340 ...  >>MORE

GDP growth seen at 6pc

Posted on 28/03/2005

The economic outlook for year 2005-06 will remain robust as economists see the GDP growing at nearly six per cent. On an average, the oil sector will account for less than 10 per cent of the annual increase in the size of the real economy. Growth in non-oil industrial output will be a more important driver of economic expansion as investment in manufacturing and large energy related projects add new capacity. According to a report on economy, as a modest rise in oil production and a pick-up ...  >>MORE

UAE's GDP rises to Dh337b

Posted on 22/02/2005

The UAE's GDP rose from Dh141.9 billion in 1994 to Dh337 billion last year, said Sheikha Lubna Al Qasimi, Minister of Economy and Planning. "The UAE has also demonstrated a good strategy of a diversified economy. The non-oil sector has risen from Dh97 billion in 1994 to Dh253 billion in 2004," she said in her keynote address to the third 'City Of Gold' Conference hosted by the Dubai Gold and Jewellery Group (DGJG) yesterday. The country has undergone tremendous economic growth during the ...  >>MORE

Dubai's GDP registered 16.7 per cent in 2004: Al Abbar

Posted on 02/01/2005

Mohamed Ali Alabbar, Director General, Dubai Department of Economic Development (DED) described the year 2004 as "a golden year," asserting that most of Dubai's economic sectors had broken previous growth records in the year. Statistics compiled by the DED suggest that the Emirate's GDP rose historically by 16.7 per cent in 2004 to touch almost Dh 100 billion, as measured by current prices. Affirming that 2004 had been one of the best periods for the UAE economy in general and Dubai in ...  >>MORE

UAE's buoyant private sector to account for nearly half of GDP

Posted on 15/11/2004

The UAE's private sector is poised for another record showing this year and may account for nearly half the country's GDP which is expected to cross the Dh300 billion mark, based on Ministry of Planning reports, experts said. The steady expansion of this fast growing sector coupled with high oil prices will not only push GDP higher but also investments in the country. According to Ministry of Planning figures, in 2003 the private sector in the UAE accounted for Dh128.69 billion, some 43.9 ...  >>MORE

UAE's GDP grew 12.8pc last year

Posted on 27/10/2004

UAE's gross domestic product (GDP) increased by 12.8 per cent last year while the oil sector reported a significant growth of 5.8 per cent, according to Sultan bin Nasser Al Suwaidi, Governor of the Central Bank. Despite general increase in the prices of imported goods due to the fall of dollar against the Euro, UAE's inflation rate remained intact at 3.1 per cent. While the economy witnessed overall growth during last year, the Central Bank Governor said the growth trends in some of the ...  >>MORE

UAE's GDP grows 12pc to touch Dh293 billion

Posted on 28/09/2004

The UAE Gross Domestic Product (GDP) grew by 12 per cent in 2003 to Dh293 billion, higher than the initial estimate of 4.7 per cent. Real GDP grew by 7 percentage points at Dh241 billion, while growth in the year 2003 had substantially gone higher than that in last two years, both in nominal and real terms. This is in line with GCC economies which benefited high oil prices. In its latest Economic Report, Global Investment House (Global) stated that, oil and gas had a phenomenal growth of 29 ...  >>MORE

UAE fiscal balance to show surplus in '04

Posted on 10/08/2004

A surge in crude oil prices to one of their highest ever levels will likely turn a deficit in the UAE's external fiscal balance into a surplus this year, according to official figures. The country's gross domestic product (GDP) is also projected to swell by more than five per cent to hit a record in 2004 and maintain its status as the third largest Arab economy. The balance of payments, which reflects the overall financial and economic operations during a specific period of time, suffered ...  >>MORE

Growth in non-oil sector gives fillip to Abu Dhabi GDP

Posted on 17/07/2004

Strong oil prices continue to have a positive impact on Abu Dhabi's economy, but rapid developments in the non-oil sector helped its GDP climb to Dh166.54 billion last year, an annual growth of 11.5 per cent and projections show a further surge this year. Official figures showed the non-oil sector accounted for a little more than half of Abu Dhabi's total GDP to hit Dh88.82 billion, while the vital oil sector's share was Dh77.72 billion. "Abu Dhabi's GDP has been dominated by the oil and gas ...  >>MORE

UAE GDP grows by 12.3 per cent

Posted on 22/06/2004

The UAE's Gross Domestic Product, GDP, grew by 12.3 per cent in 2003 compared to 2002, where the total GDP surged from Dh61 billion to Dh293 billion, according to Sheikh Humaid bin Ahmed Al Mualla, Minister of Planning. In a statement on the release of the UAE's 2003 Economic and Social report, Sheikh Humaid said that the increase of contribution of non-oil sectors to the GDP was a positive indication to the success of the country's diversification policy, noting that such sectors contribution ...  >>MORE

Abu Dhabi GDP records increase of over 11 pc

Posted on 16/06/2004

The Gross Domestic Product (GDP) of Abu Dhabi stood at over Dh 166.5 billion last year as compared to Dh96.5 in 1998, an annual growth of 11.5 per cent, according to a senior government official. Ahmed Al Qubeisi, Assistant Under Secretary for the Planning Department, told "WAM” that the GDP had posted positive increases during the period from 1998-2003, save the year 2001 when oil prices slumped. "The Abu Dhabi GDP, except for oil and gas sectors, has grown by 6.8 per cent to reach about Dh ...  >>MORE

UAE remains second richest Arab nation

Posted on 12/06/2004

The UAE maintained its position as the second richest Arab nation after Qatar last year despite a sharp increase in its population, according to official data. The country's per capita income, which is calculated by dividing the gross domestic product over the population, stood at around Dh72,500 (US$19,755) in 2003, second only to Qatar in the region and one of the highest in the world. The income remained high although the UAE's population raced by around 7.8 per cent last year, the highest ...  >>MORE

Dubai GDP gets tourism boost

Posted on 08/05/2004

The tourism sector's contribution to Dubai's GDP exceeded 17 per cent and its indirect impact reached a whopping 28 per cent, according to a top government official. Revenues generated by Dubai's hotel and serviced apartments last year recorded a 17.64 per cent growth exceeding Dh4 billion, up from Dh3.4 billion in 2002, according to the Department of Tourism and Commerce Marketing (DTCM). In the first quarter of 2004, Dubai hotel establishments recorded over 90 per cent occupancy levels as ...  >>MORE

UAE to maintain high growth in 2004

Posted on 08/05/2004

The UAE enjoyed one of the highest growth rates in the world last year due to strong oil prices and its economy is projected to pick up yet more steam this year. The country's gross domestic product (GDP) bounced by a staggering 12.4 per cent last year and more is expected in 2004. The GDP hit an all time high of Dh293 billion (US$79.8 billion) in current prices in 2003 and is officially forecast to continue its rapid climb to reach around Dh312 billion (US$85 billion), a further 6.48 per ...  >>MORE

UAE GDP rises to 12.3 per cent to Dh293billion

Posted on 05/05/2004

The UAE's gross domestic product grew 12.3 per cent in 2003 compared with the previous year on the wings of sharply higher oil prices and touched Dh293 billion against Dh261 billion in 2002. According to a report released on Tuesday by the Ministry of Planning, the sharp surge in oil prices to 28.11 a barrel reflected positively on the nation's economy. The report expects GDP to touch Dh312 billion by the end of this year. The report showed non-oil GDP grew at the rate of 5.8 per cent ...  >>MORE

UAE makes 21 per cent of GCC GDP

Posted on 06/04/2004

The UAE Economy contributes to around 21 per cent of the GCC's gross domestic product and 10 per cent of the Arab World gross product, according to a recent study The study, published in the economic report of the National Bank of Dubai, said UAE made great strides towards a sustainable economic development and used oil revenues to help its economy to have a strong infrastructure matching that of advanced countries. Based this, the UAE economy is regarded nowadays as one of the most significant ...  >>MORE

Dubai GDP registers 6.2pc growth to reach Dh73 billion in 2003

Posted on 10/01/2004

Strong performance of the various sectors of the economy has contributed to Dubai registering a high economic growth rate during 2003. The Emirate's total GDP has grown by 6.2 per cent to reach Dh73.3 billion ($20 billion) in 2003, against Dh69.09 billion ($18.8 billion) in 2002. The growth in the GDP is expected to continue at a similar rate to reach Dh76 billion in 2004. Announcing this, Mohamed Ali Alabbar, Director-General, Department of Economic Development (DED), Government of Dubai, ...  >>MORE

UAE economy enjoys high growth: EIB

Posted on 05/01/2004

Inspite of the generally low economic trend recorded in the Gulf and the Middle East regions as a result of the US war on Iraq last year, the UAE economy witnessed a high growth, compared to previous years, according to the Emirates Industrial Bank, EIB. In the new issue of its monthly bulletin, to be released tomorrow, the EIB said that a number of positive factors had contributed to the country's economic gains last year. These factors, it said, include the 17 per cent oil price rise in ...  >>MORE

Share of non-oil sector in UAE’s GDP up

Posted on 16/12/2003

The share of the non-oil sector in the country's Gross Domestic Product, GDP increased well last year. Indicating the success of the drive to diversification of he economy, pursued over the past few years. According to estimates published by the Ministry of Planning, the GDP at constant price increased by 1.8 per cent to reach Dh225.7 billion in 2002 compared to Dh221.8 billion in 2001, despite the drop in the oil and production. The encouraging factor was the 4.8 per cent rise in the share of ...  >>MORE

UAE reports 2.5pc growth in 2002 GDP to Dh260.6b

Posted on 05/10/2003

Led by a robust non-oil sector, the UAE's GDP achieved 2.5 per cent growth in 2002 to touch Dh260.6 billion, said Sheikh Humaid bin Ahmed Al Mualla, UAE Minister of Planning. The oil sector's contribution to GDP declined by 1.9 per cent last year. GDP (at current prices) in 2001 stood at Dh254.2 billion. "This (growth) is attributed to the excellent growth of the non-oil sector, the revenues of which jumped to Dh188.5 billion in 2002 compared to Dh179.2 billion in 2001," the minister said in ...  >>MORE

UAE's GNP seen growing at 4.7 per cent in 2003

Posted on 04/10/2003

Sheikh Humaid bin Ahmed Al Mualla, Minister of Planning, said that the gross national product, GNP, is expected to grow during the year 2003, at the rate of 4.7 per cent, coupled with growth of non-petroleum sector at the rate of 4 per cent compared to the growth of 2002. Sheikh Humaid added that the GNP reached last year Dh261 billion compared to Dh254 billion during 2001, recording a growth of 2.5 per cent, whereas the national product of the non-oil sector reached Dh189 billion compared to ...  >>MORE

Diversification boosts GDP - World Bank

Posted on 28/06/2003

Rapid diversification to non-oil sectors by the UAE has helped the country achieve significant growth in its per capita GDP growth, according to a World Bank report on MENA region released yesterday. Per capita GDP in the UAE doubled to about US$26,000 in 2001 in purchasing power parity (PPP) terms, since 1989 (US$13,000). Real GDP growth averaged some 7 per cent a year in the 1990s. With population growth falling to about 3 per cent, per capita growth was about 4 per cent a year, said the ...  >>MORE

UAE GDP rises on vital strategic policies

Posted on 07/06/2003

The UAE's economy occupied a prominent place in the Gulf and the rest of the world last year despite political tensions overshadowing the international arena and their negative impact on the global economy. The policies adopted by the UAE were characterised by objectivity and transparency and they gained recognition for the UAE as a rare example of growth at a time when expansion has been elusive in most countries. The country's gross domestic product, GDP, soared by 4.2 per cent in 2002 to ...  >>MORE

UAE GDP to surge to Dh273b this year

Posted on 21/05/2003

The UAE's economy will pick up this year to record its highest growth rate since the 2000 crude oil price boom despite the recent war in Iraq and mounting tension in Palestine and other parts of the Middle East, according to official figures. Public and private investments will also peak at more than Dh63 billion while the commercial surplus will climb to one of its highest levels despite a sharp increase in imports, showed the figures by the Ministry of Planning. The Ministry's forecasts ...  >>MORE

UAE to top the region in GDP growth

Posted on 07/05/2003

The UAE is set to enjoy the highest growth in GDP among all Middle East and North African (Mena) countries this year, along with Iran, Mauritania and Sudan. Elaborating on the outlook and performance of the region, Abdelali Jbili, assistant director of Middle Eastern department of the IMF, said while the average real GDP growth for the region would be 4.7 per cent this year, the UAE, Mauritania, Sudan and Iran were expected to witness a higher GDP growth of 6.3 per cent. The GDP growth of ...  >>MORE

Abu Dhabi GDP records significant growth

Posted on 03/05/2003

The Gross Domestic Product (GDP) of the Abu Dhabi emirate rose significantly last year to Dhs.150 billion against Dhs.110 billion in 1997, according to a report released here today. The report, prepared by the Department of Planning, said the GDP recorded an annual growth rate of 6.4 per cent against 7.1 without oil and gas, which shows a tremendous performance in the non-oil sector. The report also said that despite the strong showing of the non-oil sector due to several local, regional ...  >>MORE

Dubai GDP up 15 per cent

Posted on 21/04/2003

The Gross Domestic Product, GDP, of Dubai increased by 15 per cent to Dh64.5 billion between 1999 and 2001, helping to boost the UAE's GDP to Dh248 billion in the year 2001. Dubai Chamber of Commerce and Industry, Director General, Abdul Rahman G. Al Mutaiwei said that the Dubai non-oil foreign trade has recorded a dramatic 30 per cent increase between 1999-2001 amounting Dh11.8 billion. The number of industrial units has recorded reasonable growth from 816 units in 1999 to 937 units in 2001. ...  >>MORE

UAE GDP set to expand by 3.1pc in '03

Posted on 09/02/2003

The UAE's economy will likely pick up this year and extend that trend in 2004 as it will produce more oil, and higher government spending will stimulate non-oil sectors and encourage the private sector to pump more investment, according to a Western report. From a previous forecast of less than three per cent, the UAE's gross domestic product is expected to expand by 3.1 per cent this year and surge by around four per cent next year, said the report by the London-based Economist Intelligence ...  >>MORE

1.5 per cent growth in GDP

Posted on 20/01/2003

A high-ranking official at the International Monetary Fund (IMF) has said that UAE's gross domestic product (GDP) achieved 1.5 per cent growth rate in 2002 amid speculations that it will rise to 4.3 per cent in the current year. At a press conference held at Dubai Press Club here yesterday, IMF Secretary Shailendra J Anjaria noted that UAE's non-oil sectors had grown by 4.8 per cent in 2002 with forecasts that it would touch as high as 5.4 per cent this year. " The GDP at the global level ...  >>MORE

Sharjah's GDP records impressive growth

Posted on 30/12/2002

Sharjah has recorded a very impressive growth rate of its Gross Domestic Product, GDP, from Dh17.885billion in 1998 to Dh22.275billion in 2001. This represents a growth rate of 24.5 per cent and an average growth of 8.2 per cent per annum, according to the 20th issue of the emirate's annual statistics book, issued by Sharjah's Department of Economic Development. The report also show that the emirate's population, according to the latest census, rose to 679,250 people from 402,792 people in ...  >>MORE

UAE GDP to grow by 3.5% in 2002

Posted on 01/10/2002

The UAE Gross Domestic Product, GDP, is expected to grow by 3.5 % in 2002 to Dh265.9 billion, compared to Dh 248 billion in 2001, a new official economic report predicted. ' The forecast is based on continued economic reforms in terms of diversification of national income sources, rationalisation of expenditure and resilience of the domestic economy to global economic realities,' said the report on the country's economic performance and predictions for 2002, released today by the Planning ...  >>MORE

IMF expects UAE GDP to rise 3.1 per cent

Posted on 29/09/2002

The UAE's gross domestic product is expected to jump by 3.1 per cent in 2003 if oil prices maintain their current level, according to a report by the International Monetary Fund. The report, which was issued at the end of last week, drew a dismal picture of the future of the world economy expecting its performance to continue falling in 2003, but said the gross domestic product of the Gulf Region in general was likely to rise by the last quarter of 2002 through 2003, according to a report in ...  >>MORE

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Quick List

13.3% increase in Dubai's real GDP in 2004


Study predicts surge in UAE's GDP


GDP poised to grow by 6.6% this year


UAE deficit down 94.1% as oil income rises sharply


GDP surges ahead by 7.4%


Abu Dhabi's GDP rises 14%


UAE poses Dh323.6 billion GDP in 2004


UAE GDP to grow 4.5pc


UAE is on track to post 12.7% growth


Oil boom lifts UAE per capita income above Dh91,000


GDP growth seen at 6pc


UAE's GDP rises to Dh337b


Dubai's GDP registered 16.7 per cent in 2004: Al Abbar


UAE's buoyant private sector to account for nearly half of GDP


UAE's GDP grew 12.8pc last year


UAE's GDP grows 12pc to touch Dh293 billion


UAE fiscal balance to show surplus in '04


Growth in non-oil sector gives fillip to Abu Dhabi GDP


UAE GDP grows by 12.3 per cent


Abu Dhabi GDP records increase of over 11 pc


UAE remains second richest Arab nation


Dubai GDP gets tourism boost


UAE to maintain high growth in 2004


UAE GDP rises to 12.3 per cent to Dh293billion


UAE makes 21 per cent of GCC GDP


Dubai GDP registers 6.2pc growth to reach Dh73 billion in 2003


UAE economy enjoys high growth: EIB


Share of non-oil sector in UAE’s GDP up


UAE reports 2.5pc growth in 2002 GDP to Dh260.6b


UAE's GNP seen growing at 4.7 per cent in 2003


Diversification boosts GDP - World Bank


UAE GDP rises on vital strategic policies


UAE GDP to surge to Dh273b this year


UAE to top the region in GDP growth


Abu Dhabi GDP records significant growth


Dubai GDP up 15 per cent


UAE GDP set to expand by 3.1pc in '03


1.5 per cent growth in GDP


Sharjah's GDP records impressive growth


UAE GDP to grow by 3.5% in 2002


IMF expects UAE GDP to rise 3.1 per cent