The report released by the United Arab Emirate’s Central Bank shows that the local economy is improving, in both oil and non-oil related sectors, and the UAE has become a hub for regional economic investment, reported Gulf News.
While the figures released were only for 1999 and 1998 they still point to a positive trend for the country.
In 1999, per capita GDP rose 3.9 percent to Dh64 825, yet still much lower than the 1997 per capita figures of Dh70 297. GDP for the entire country grew 10 percent to DH190.5 billion. Of this, 74.4 percent was non-oil related, DH141.7 billion, and oil related was Dh48.7 billion or 25.6 percent of GDP. In 1998, oil-related GDP was only 20.8 percent of the total.
Much of the increased revenues are attributed to the price of oil, which jumped 35.1 percent from 1998 to 1999 ($12.40 per barrel to $17.60). From these high oil prices the government was able to accumulate a surplus of Dh5.6 billion, up 103.6 percent. Moreover, the trade surplus in 1999 was Dh12.4 billion, up from Dh2 billion in 1998.
Manufacturing experienced a substantial growth of 6.9 percent, breaking Dh24 billion. Much of the manufacturing growth is directly related to oil prices, liquefied gas, petroleum products, and the increase in refining capacity.
Other sectors which witnessed significant growth and accounted for an increase in GDP were wholesale, retail trade, and maintenance services, totaling 11.4 percent of GDP and achieving 3.6 percent growth rate. Government service accounted for 11 percent of GDP and 4.3 percent growth.
However, real estate and construction suffered setbacks, both dropping one percent in GDP and having a negative growth rate of 0.4 percent, yet still accounted for 9.1 percent and 8.6 percent GDP respectively.
Overall, exports rose 15.4 percent to Dh114.1 billion and imports were up 6.3 percent to Dh119.2 billion. – (Albawaba-MEBG)