UAE non-oil revenues increase by four percent in 2001
The United Arab Emirates (UAE)’ non-oil revenues increased by four percent in 2001. The sectors’ revenues contributed 178.6 billion Emirati dirhams ($48.6 billion) to the nations gross domestic product (GDP) compared to Dh 171 billion in 2000, reported the Oman Arab Bank’s Investment Management Group (IMG).
Non-oil sector growth compensated for the 20 percent drop in the hydrocarbon sector last year, which plummeted to DH 70 billion in 2001 from Dh 87 billion in 2000. The decline was attributed to a drop in oil prices from $27.5 to $23.4 and the slashing of the UAE's crude output, in line with a collective agreement between Opec and independent producers.
The UAE’s non-oil sector of the economy accounts for more than twice the oil sector’s direct contribution to GDP. This has helped isolate the country from the full effect of fluctuating oil prices. Major contributors to non-oil revenues include, manufacturing, trade and maintenance, real estate and construction. — (menareport.com)
© 2002 Mena Report (www.menareport.com)