Oil prices expected to push UAE’s GDP 10.5 percent up in 2000
The rise in the price of crude oil will bring about a 10.5 percent growth in the gross domestic product UAE, which will reach 210.40 billion dirhams ($57.64bn) this year, compared to 190.40 billion dirhams ($52.16bn) in 1999, said a report released by the country’ planning ministry.
According to the Gulf Daily News, the ministry’s forecast is based upon the assumption that oil prices will average between $25 and $27 a barrel for 2000. The non-oil sectors are forecast to achieve 3.7 percent growth during.
The rise in the oil price will also result in a massive increase in the UAE’s trade surplus, which is expected to increase by 86 percent to 24.9 billion dirhams ($6.83 billion), from the amount registered in 1999. Exports are forecast to 140 billion dirhams ($38.35 billion) during 2000. – (Albawaba-MEBG)