UAE Economy Set to Resume Growth at Slower Pace
The UAE economy will experience modest real growth of 2.7 percent this year and 3.4 percent in 2001 after falling 8.1 percent in 1998 and 0.1 percent in 1999, the Gulf News reported Friday.
Business Monitor International (BMI) in its economic outlook for the UAE was quoted by the daily as saying that the oil industry's contribution to GDP will rise to 24 percent in 2000 and 24.6 percent in 2001 as it makes up for the ground lost in the 1998-99 slump, when its share fell to 23.5 percent and 23 percent respectively, but its contribution will remain well below the 33.3 percent it averaged in the 1995-97 period.
The non-oil sector will account for 75.4 percent of GDP by 2001, the paper quoted an official report, which predicted Abu Dhabi's gas producers will seek new markets to replace slack demand from Asia. Plans for further gas projects will depend partly on domestic demand, but Dubai has already emerged as a local customer, taking supplies from 2001.
UAE’s Gross Domestic Production (GDP) stood at $50,400 million in 1999, with an inflation rate of 4.2 for the same year - Albawaba.com
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