UAE GDP to rise 3.5 percent by year’s end
The United Arab Emirates gross domestic product (GDP) is expected to increase by 3.5 percent this year, reaching $70 billion, the nation’s Minister of Planning Sheikh Humaid Bin Ahmed Al-Mualla was quoted as saying in Al-Sharq Al-Awsat. The country’s non-oil sectors' share in the GDP reached $51 billion this year, up from 48.7 billion last year, added Al-Mualla.
The UAE’s 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)