The United Arab Emirates (UAE) beat the regional odds and recorded high economic growth last year despite poor market conditions caused by the US war on Iraq.
The UAE’s gross domestic product (GDP) recorded a 10.2 percent growth reaching 271 billion Emirati dirhams ($737 million) for 2003, the highest GDP ever recorded to date, the nation's official news agency quoted an Emirates Industrial Bank (EIB) report.
The UAE’s non-oil sector grew by 6.4 percent, contributing Dh 191 billion to the GDP compared to Dh 179.5 billion in 2002, revealed EIB. The state’s manufacturing sector contributed to 13.3 percent of the last year’s GDP totaling Dh 36 billion.
The bank named the 17 percent oil price in 2002 as one of the factors contributing to last year’s positive results. The price hike led to a sharp increase in the country's oil revenue, a main source of the country's annual budget.
The International Monetary Fund (IMF) described the UAE’s macroeconomic performance as mixed for 2002. Due to OPEC-mandated oil production cuts, the state experienced a fall in real gross domestic product (GDP) growth. Lower crude oil receipts, together with rising imports and lower investment income, contributed to reducing the external account surplus — (menareport.com)
© 2004 Mena Report (www.menareport.com)
