The UAE's GDP reaches Dh424 billion in 2005
The UAE's gross domestic product grew in 2005 to Dh424 billion, up nearly 12 percent from Dh379 billion in 2004. If a similar growth rate is maintained, the country's per capita gross domestic product (GDP) is expected to exceed Dh87,000 in 2005, according to a report of the Ministry of Economy and Planning.
The value of the UAE's trade reached Dh530 billion in 2004, with its energy sector representing 27 percent, and manufacturing contributing 13 percent to the GDP.
Strong success of the country's macro-economic policies is thought to be behind such growth.
Meanwhile, the UAE's workforce stood at 57 percent of its population of 4.32 million, reaching 2.5 million. The nation's construction industry leads in private sector employment with 20.3 percent of the workforce, followed by trade and services with 19.5 percent, and manufacturing accounting for 13 percent pf the workforce, according to Khaleej Times.
In 2004, the volume of fixed capital formation rose to Dh81.3 billion, up 11 percent from Dh73.0 billion in 2003, representing 21.4 percent of GDP.
The World Investment Report 2005 issued by the United Nations Conference on Trade and Development (Unctad) rated the UAE 22nd among the world's best-performing world economies in terms of its ability to attract protection foreign direct investment.
"The UAE has come to the forefront as one of the leading world economies and a unique hub for attracting international investments that reflects the existence of investment-friendly environment on one side, and availability of multi-purpose investment opportunities on the other side," the ministry report said.
The UAE has taken significant steps to diversify its economy, though oil and gas remain its main driving force. Steps have been taken to utilize oil and gas revenues as a means of developing other economic sectors and establishing a solid industrial base, the report said.
"The country has also taken productive steps to boost and encourage small and medium enterprises and specialized ad hoc establishments to provide them with soft loans and feasibility studies."