Dubai Registers 8 Percent GDP Growth in 2000
Dubai's gross domestic product (GDP) grew eight percent during 2000 to total Dh60.18 billion, reported the Gulf News. (DH1=$0.272)
The comparable figure for 1999 was Dh55.81 billion, though growth that year was 12 percent, primarily from the gains made in international oil prices from their 1998 lows.
"The GDP growth Dubai has achieved is high considering that the general rates elsewhere have been around four and five percent. All the major sectors - manufacturing, oil, financial services and retail - performed well last year," said Ahmed Abdul Rahman Al Banna, assistant director general for studies and international affairs at the Dubai Chamber of Commerce and Industry.
In comparison, the UAE posted a GDP growth of 17.5 percent to Dh223 billion in 2000.
The country's GDP in 1999 was Dh190.5 billion.
In 2000, Dubai's GDP growth excluding the contribution of oil was 6 percent for a valuation of Dh53.89 billion.
The corresponding 1999 tally was Dh51.06 billion.
According to figures based on current prices and sectors, the paper said that the share of mining and quarrying, which covers both crude oil and others, accounted for 10.6 percent of overall GDP.
In value terms, this works out to Dh6.36 billion.
In 1999, crude and other extracts fetched Dh4.81 billion for an 8.6 percent stake. In comparison, these fetched Dubai Dh7.66 billion in 1996, but for a higher contribution to GDP at 17.2 percent, the paper added - Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)