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THE ECONOMY - GROSS DOMESTIC PRODUCT, GDP

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

UAE's GDP at Dh234b in '01, says Petroleum Ministry

Posted on 09/09/2002

The Ministry of Petroleum and Mineral Resources has revised economic indications provided by the Ministry of Planning for 2001, saying the GDP shrank by 2.9 per cent and the decline in the oil sector was far below earlier estimates. In a report on the UAE's economy and energy sector, the Ministry estimated the country's GDP in current prices at around Dh234.7 billion in 2001 compared with nearly Dh241.8 billion in 2000, a negative growth of 2.9 per cent. The figures contrast with Planning ...  >>MORE

UAE's GDP growth may dip to 1.7pc

Posted on 06/09/2002

The UAE's real GDP growth which fell to 2.9 per cent in 2001 could drop further to 1.7 per cent in 2002 as oil production falls in line with Opec supply-management policies, forecasts the Economist Intelligence Unit (EIU) in its latest country report on the UAE. However, real growth will recover to 4.1 per cent in 2003 following a pick-up in world growth and oil production, the report adds. While the UAE's oil output is expected to fall by 5.3 per cent in 2002, in terms of domestic demand, ...  >>MORE

UAE non-oil sector posts 3.7pc growth; GDP grew by 1.3pc in 2001

Posted on 29/08/2002

Non-oil sectors in the UAE witnessed marked activity during the year 2001, posting impressive growth rates despite fluctuations in oil prices. According to the annual report for the year published by the Central Bank, gross domestic product at fixed prices for the year 1995, grew by 1.3 per cent in 2001 compared to its level in 2000, to reach Dh217 billion. The increase in non-oil sector reached 3.7 per cent, while the growth of the oil and natural gas sector dropped. The output of the ...  >>MORE

UAE's GDP surges to Dh248b in 2001 - study

Posted on 05/08/2002

UAE's economy swelled by more than six times over the past 26 years to become the fourth biggest economy in the Arab world. From around Dh39.7 billion in 1975, the country's GDP surged to nearly Dh248 billion in current prices in 2001, showed figures provided by Abdullah Al Kharji, first deputy chairman of UAE Chambers' Union. The GDP is projected to climb to Dh256.9 billion this year despite lower crude oil prices and production by the UAE in line with a collective agreement between OPEC ...  >>MORE

UAE GDP decreases by 4% in 2001

Posted on 30/06/2002

UAE Gross Domestic Product, GDP, dropped by 4% in 2001 compared to 2000, realising a total of Dh248 billion. In a preface to a study on the country's economic performance in 2001 and predictions of 2002 released today, Sheikh Humaid bin Ahmed Al Mu'alla, Planning Minister, said that despite the decline of the GDP, the non-oil sector held 72% of the GDP, reaching Dh179 billion. "This is a good indication for the improvement of the economic situation in other sectors and a proof of the ability of ...  >>MORE

Dubai heads for 6pc GDP growth

Posted on 01/05/2002

A senior Dubai Government official yesterday expected Dubai to achieve a six per cent growth in GDP this year and agencies laws to stay - if agents adopt quality and high-standard services. Mohammed Alabbar, Director General of the Dubai Department of Economic Development, addressed the fourth Department of Civil Aviation (DCA) annual suppliers forum under the theme of partnership for superior performance. "Dubai is expected to record a six per cent growth this year. Agencies laws only exist in ...  >>MORE

UAE GDP declines due to low oil prices

Posted on 17/02/2002

The UAE's Gross Domestic Product, GDP, fell by 4% in 2001 compared to 2000 due to the slackened oil prices sparked by the September 11 events in the United States. In a statement on the occasion of the issuance of the country's economic indicators report, Sheikh Humaid bin Ahmed Al Mu'alla, Minister of Planning, said that the decline was due to the fall of oil prices worldwide in the aftermath of the September 11 events in America. He said the GDP reached Dh 249 billion in 2001 compared to Dh ...  >>MORE

UAE's GDP growth doubles in 10 years

Posted on 26/01/2002

The UAE has become the third biggest economic power in the Arab world as massive investments by the public and private sector nearly doubled its gross domestic product in the past decade, according to official figures. The country's GDP stood at US$66.1 billion in current prices at the end of 2000, the third after Saudi Arabia's GDP of US$173.2 billion and Egypt's US$95.8 billion, showed the annual Arab economic report for 2000, released by the Arab Monetary Fund. It put Iraq's GDP at ...  >>MORE

UAE GDP Dh 236 billion ($64 billion) for 2001

Posted on 10/01/2002

The UAE economy did well enough during the first eight months to be able to record only a small fall in GDP for 2001, despite low oil prices and the effects of the last quarter, according to the Emirates Industrial Bank (EIB) on 5 January. During the first eight months of 2001, the UAE's GDP grew despite the decline in oil prices. The events of September 11 had a double impact on GCC economies because of the decline in oil prices and the slowdown in some economic sectors, particularly tourism. ...  >>MORE

EIB puts UAE GDP in 2001 at Dh236b

Posted on 06/01/2002

Based on its ability last year to adapt to global, regional and local developments, the UAE economy is expected this year to overcome most of 2001 last quarter's negative repercussions. This ability, explained the Emirates Industrial Bank (EIB), will enable the UAE to re-activate its economic status. During the first eight months of 2001, UAE GDP retained its balanced growth despite of the decline in oil prices before September 11. But the events had a double impact on GCC economies because ...  >>MORE

Sharjah reports high GDP growth

Posted on 05/01/2002

Sharjah's gross domestic product (GDP) grew by 18.5 per cent in the past three years to Dh21.2 billion in 2000 with output in non-financial sectors rising by 6.9 per cent to Dh17.4 billion. The annual statistical book for 1998-2000 said the emirate's GDP surged from Dh17.9 billion in 1998 to Dh21.5 billion in 2000. "A breakdown of the GDP showed that share of non-financial sectors jumped to Dh17.4 billion from Dh16.2 billion and Dh14.5 billion in 1998, 1999 and 2000 respectively, said the ...  >>MORE

Sharjah’s 2000 GDP up by 6.7 per cent

Posted on 31/12/2001

Sharjah's GDP in 2000 totalled Dh21.19 billion rising by 6.7 per cent, from Dh19.86 billion in 1999, the first issue of Sharjah in Figures, a bulleting by Sharjah Economic Development Department, said. The bulletin included significant information on the emirate's trade, economic and service sectors, population, economic indices, number of labour and statistics since 1998. It said the value of Sharjah's foreign trade totalled Dh10. 5 billion in 2000 including Dh5.09 billion for imports, ...  >>MORE

GDP to touch Dh234.7 billion from 1999

Posted on 08/10/2001

The UAE's gross domestic product is expected to reach Dh234.7 billion, growing by 16.5 per cent compared to the 1999 figures, economic sources said. They said last year's record jump in the GDP was an extraordinary one and attributed this rise to higher oil prices which increased oil revenues by 65 per cent and made the GDP break the Dh200 billion barrier and touch Dh242 billion for the first time in history, they added. They said that the expectations, based on oil price for the first ...  >>MORE

UAE's GDP rises to Dh242b in 2000: Central Bank says

Posted on 21/08/2001

UAE gross domestic product grew by 20.4 per cent in 2000 to Dh 241.9 billion, boosted by higher oil revenues and boom in business and economic sectors, a UAE Central Bank annual report said today. The report said that the UAE economy made remarkable performance last year on back of higher oil crude prices. ' Rise in government income from oil exports has reduced deficit in the government consolidated financial account,' the report said. Non-oil sectors, it said, rose to Dh159.9 billion in 2000, ...  >>MORE

Dubai's GDP up 8 pc to Dh60.2b in 2000

Posted on 19/08/2001

Dubai's gross domestic product rose by 8 per cent in 2000 to Dh 60.2 billion compared to Dh 55.8 billion in 1999. 'The rise of share of non-oil sectors to 89.4 per cent in the emirate's GDP underlines Dubai's tireless effort to diversify its economy away from oil revenues as part of a comprehensive plan to achieve sustainable development,' a Dubai Press Club report said. Despite high oil prices in 2000, the report said, oil sector's contribution to the GDP surged to Dh6.4 billion or 10.6 per ...  >>MORE

Report sees UAE GDP at Dh237.2b

Posted on 18/08/2001

UAE's 2001 gross domestic product (GDP) is projected to record a slight decline because of lower oil receipts and the general slowing down of the global economy, according to a Ministry of Planning report. As per these projections, the country's GDP will be Dh237.2 billion compared to 2000's Dh242 billion. The estimates are based on international crude prices averaging $23 a barrel. A slackening of demand for oil is also mooted as factor behind the projected GDP slide. Higher oil revenues ...  >>MORE

Dubai registers 8pc GDP growth in 2000

Posted on 13/08/2001

On the back of higher returns from oil, Dubai's gross domestic product (GDP) grew eight per cent during 2000 to total Dh60.18 billion. The comparable figure for 1999 was Dh55.81 billion, though growth that year was 12 per cent, primarily from the gains made in international oil prices from their 1998 lows. "The GDP growth Dubai has achieved is high considering that the general rates elsewhere have been around 4 and 5 per cent. All the major sectors - manufacturing, oil, financial services ...  >>MORE

GDP grows 14% in 2000: EIB

Posted on 01/08/2001

GDP grows 14% in 2000: EIB The UAE GDP touched Dh223 billion in 2000 with the economy growing 14 per cent on the back of the rise in crude prices, according to a study by the Emirates Industrial Bank (EIB). The study said oil revenues grew 70 per cent last year compared with 1999, touching Dh83 billion and improving the balance-of-payments position of the Emirates ahead of any of the GCC countries. "While oil accounted for most of the GDP growth this year, the non-oil sector too has ...  >>MORE

UAE GDP for 2001 seen at Dh 235.2 billion

Posted on 09/06/2001

Minister for Planning Sheikh Humaid bin Ahmed Al Mualla said that the UAE's GDP had risen by 20 per cent to Dh 242 billion in 2000, as against Dh 201 billion in 1999. He however anticipated a drop in GDP by the end of this year to Dh 235.2 billion. He said that growth in the non-oil sector of the country's economy was likely to increase to Dh 166 billion in 2001, as against Dh 160 billion last year, according to a report in the daily The Gulf Today. Commenting on the annual economic report ...  >>MORE

UAE's GDP jumps 17.08 per cent to Dh223billion

Posted on 25/03/2001

The UAE's GDP shot up 17.08 per cent to Dh223 billion in 2000 on the back of 48.3 per cent surge in oil prices, which averaged US$26.10 per barrel, according to the latest UAE Central Bank report. Per capita income grew 12.92 per cent to Dh63,800. The figure was Dh54,100 in 1998 and Dh62,500 in 1996. The overall balance of payments position was Dh10.41 billion. Total exports and re-exports grew 23.37 per cent to Dh159 billion, with crude oil exports rising faster by 54.41 per cent to Dh70.1 ...  >>MORE

GDP likely to rise to Dh230b: Humaid

Posted on 20/02/2001

The UAE is expected to maintain robust economic growth in 2001 after solid gains last year on the back of high world oil prices, the planning minister. ‘Oil prices are expected to maintain their levels in 2001 as long as OPEC states are able to control production levels and market supplies and this will reflect on the UAE's GDP which is expected to rise to Dh230 billion,” Sheikh Humaid bin Ahmed Al Mualla said. He said the gross domestic product, GDP, grew 17 per cent last year to Dh223 ...  >>MORE

Dubai GDP grows 9% in 2000

Posted on 31/01/2001

Dubai posted a record nine per cent GDP growth at Dh55.5 billion last year compared with Dh50.9 billion in 1999, according to the annual statistical report compiled by the Dubai Economic Development Department. The report showed Dubai's economy reached its highest growth levels over the past five years when the ratio of GDP growth at current rates exceeded the growth levels of the previous years. The report showed Dubai's GDP grew by 5.9 per cent in 1999, 2.6 per cent in 1998, 4.8 per cent in ...  >>MORE

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