The United Arab Emirates (UAE)’s gross domestic product (GDP) increased by 1.3 percent in 2001, reaching 217 billion Emirati dirhams ($59 billion), despite a drop in oil revenues, reported the Oman Arab Bank’s Investment Management Group (IMG).
Non-oil revenues accounted for 77.9 percent of the total GDP compared to 76.1 percent in 2000. The commodities sector contributed to 51.6 percent of the GDP in 2001, a decline compared to 53.4 percent in the previous year. The crude oil and natural gas sectors also showed a decline, contributing to only 22.1 percent of the GDP last year compared to 23.9 percent in 2000.
According to the nation’s Minister of Planning, Sheikh Humaid Bin Ahmed Al-Mualla, the UAE’s GDP is expected to increase by 3.5 percent this year, reaching $70 billion. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
