The UAE gross domestic product (GDP) surged 12.3 per cent last year to Dh293 billion, according to Sheikh Humaid bin Ahmed Al Mualla, Minister of Planning.
The statement was issued by the minister Monday as he released the annual socio-economic report for 2003.
The healthy growth was a result of the the growth of the non-oil sectors from Dh189 billion in 2002 to Dh200 billion in 2003, he explained.
The report stated that the oil sector's contribution to the GDP rose from 33.7 per cent in 2002 to 37.9 per cent in 2003. This is attributed to the rise of prices of crude oil in the international market.
The government sector contributed 18.1 per cent to the total GDP in 2003, while 44 per cent was contributed by the private sector in the same year.
The minister expected total GDP for 2004 to top Dh312 billion. He also expected value of government investment to reach Dh65 billion, compared to Dh 63 billion last year.
Volume of investment in 2003 was Dh63 billion, increasing 5 per cent over 2002. Contribution of investments to GDP in 2003 was 21.5 per cent.
Exports increased from Dh191.6 billion in 2002 to Dh241.8 billion in 2003.
Imports increased from Dh156.6 billion in 2002 to Dh190.8 billion in 2003. Nearly 77.3 per cent of imports came directly into the UAE, while 22.7 per cent was received by free zones.
Private liquidity in 2003 rose to Dh200.6 billion, compared to Dh173.6 in 2002. This was attributed to an increase in cash deposits volume from Dh35.1 billion in 2002 to Dh44.5 billion in 2003. (menareport.com)
© 2004 Mena Report (www.menareport.com )