Oil sector’s contribution to UAE national income drops
The United Arab Emirates’ (UAE) oil sector contributed to 28 percent of the national income in 2001, compared to the sector’s 33.4 percent contribution in 2000. The decreasing share of the oil sector in the national income was attributed the worldwide drop in oil prices last year.
The UAE’s gross domestic product (GDP) fell by four percent in 2001 as a result of the drop in oil prices caused by the September 11 terrorist attacks on the United States. Due to the fall in oil prices worldwide, UAE oil prices dropped by 16 percent from an average of $27.6 per barrel in 2000 to $23 per barrel in 2001. — (menareport.com)
© 2002 Mena Report (www.menareport.com)