UAE maintains positive economic growth | 2018-06-14 |

Market digest

UAE maintains positive economic growth

    13th June, 2018 10:09:25 printer

DUBAI: Preliminary estimates issued by the Federal Authority for Competitiveness and Statistics indicate growth in the economic performance of the UAE in general, which came as a result of growth in oil resources and rise in international oil prices and growth in non-oil sectors, Sultan Bin Saeed Al Mansouri, Minister of Economy, said.

The minister lauded UAE’s success in economic diversification, expansion of the economic production base, and the importance of strategic initiatives and programs aimed at increasing reliance on non-oil sectors and the sector’s contribution to the country's GDP, report Agencies.

The minister stressed the importance of ongoing economic developments in the country, making it attractive for foreign investments on a continuous basis. Adding to that, he reiterated the importance of foreign trade data to country and opening up to the world as a component of international economic relations, as it can enhances the success of economic policy and its integration with the nation’s sustainable development and economic prosperity.

According to National Accounts preliminary estimates by the Federal Authority for Competitiveness and Statistics for 2017, the general results of the preliminary estimates of UAE macroeconomic indicators indicated growth of GDP by 0.8 percent in real (constant) prices in 2017 compared to 2016.

The data also show that GDP estimates for 2017 at real prices (base year 2010) amounted to approximately Dh1422.2 billion in the UAE, compared to about Dh1411.1 billion in 2016.

From an economic diversification perspective, preliminary estimates indicate that estimates of GDP at current prices of non-oil sectors amounted to approximately Dh1,092 million, with a growth rate of 3.2 percent (current prices) and 2.5 percent (constant prices) the end of 2017 compared to 2016.