A recently published economic report by the Emirates Industrial Bank predicts that the United Arab Emirates (UAE)’s GDP (Gross Domestic Product) will decrease by 2.5 percent in 2001, due to the oil revenue collapse, reported Al-Hayat. The report estimates the GDP at 236 billion Emirati dirhams in 2001 (64$ billion) compared with Dh 242 billion in 2000. The price of oil per barrel decreased by 24 percent in 2001, carrying negative impacts on the UAE’s total budget revenues. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
