UAE: Average per capita income to hit $28,500 in 2005
The International Monetary Fund (IMF) estimates the average per capita income in the UAE to rise from $23,000 in 2004 to nearly $28,500 in 2005. In general, the IMF ranked the UAE's economy as the third biggest in the Middle East and Central Asia region, after Saudi Arabia and Iran.
The UAE's GDP is projected to grow by nearly $30 billion or 28.5 per cent to a record of $133.8 billion and will continue its expansion to reach $150.9 billion in 2006, the IMF predicted. Experts said the rapid growth in the UAE's economy was a result of a sharp increase in its crude production, steady expansion in the non-oil sector, the increase gas output and the construction of new petrochemical and refining projects.