Gross domestic product (GDP) in the United Arab Emirates grew 14 percent in 2000 on the back of increased oil prices, a bank report published Tuesday said.
According to the Emirates Industrial Bank, GDP reached 217 billion dirhams ($59.1 billion) in 2000, up from 174 billion dirhams ($47.4 billion) in 1999.
The 14 percent increase, not seen since the last oil boom in the 1980s, comes largely because of increased revenues from crude oil, which represented 38 percent of GDP in 2000 against 27.5 percent in the previous year, the bank said.
The report said oil revenues in 2000 reached 83 billion dirhams ($22.6 billion) against 48 billion dirhams ($13.1 billion) in 1999.
In mid-November, the UAE's central bank forecast GDP to grow a record 17 percent in 2000. GDP increased 10 percent in 1999. — (AFP, Dubai)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)
