Oil continues to underpin strong economic performance and growth in the UAE, according to a new report published in Abu Dhabi.
Projections, based on average crude prices so far in 2006 – which are about 30% higher than 2005 – suggest that the UAE’s nominal GDP could hit US$ 161.3 billion this year, and up to US$ 178 billion in 2007.
The current account surplus is set to reach USD 28.1 billion. It is worth noting that while exports of crude and related industries enjoy solid growth, other factors are also contributing.
