Report: UAE Economy Grew 14 percent in 2000
The UAE's gross domestic product (GDP) grew 14 percent in 2000 on the back of increased oil prices, Emirates official news agency (WAM) reported Wednesday.
A study by the Emirates Industrial Bank (EIB) was quoted by the agency as saying that the GDP reached Dh 217 billion in 2000, up from Dh 174 billion in 1999.
According to WAM the 14 percent increase, not seen since the last oil boom in the 1980s, comes largely because of increased revenues from crude, which represented 38 percent of GDP in 2000 as against 27.5 the previous year, the bank said.
The EIB report said oil revenues in 2000 reached Dh 83 billion against Dh 48 billion in 1999.
The non-oil sector grew 6.3 percent to Dh 134 billion from Dh 126 billion, although its contribution to the overall GDP fell from 72.5 percent to 62 percent, the report said -- Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)