“External trade also played a significant role in contributing to the country’s economy and constitutes high percentage of GDP.
The increase in earnings due to export and re-export is attributed to successful policies and the free zone across the country,” he was quoted in the ministry’s annual social and economic report for the year 2007.
He said that 2007 witnessed major growth economically and socially. “The UAE economy has taken significant strides towards achieving socio-economic development.
The UAE encouraged investments in tourism and commerce in addition to infrastructure, industries and, financial and banking services.
According to the MoE, while the contributions by other non-oil sectors accounted for Dh455 billion or 64.3 per cent of the total GDP in 2007, the oil prices averaging at $69.1 billion contributed 35 per cent of the GDP in 2007, followed by the manufacturing sector, whose diversified activities in oil, liquefied gas and factories in free zones – contributed 13 per cent to the GDP in 2007.
Trade and repair services sector was the third biggest contributor to the country’s GDP, at 11 per cent.
The real estate sector was a major contributor to the UAE’s GDP. The real estate sector, invested Dh25.8 billion in 2007.
The transportation sector was another sector that enjoyed large-scale investments in 2007.
A forecast by Merrill Lynch said GDP is expected to grow from Dh698 billion to to Dh870 billion in 2008.
The report, prepared by the Central Statistical Department at the Ministry of Economy, also highlighted the strength and the rapid growth of the UAE economy.
“The increase of international oil prices in recent years has positively reflected on the performance of all economic sectors in the country,” he added.
Author: Jo Amey
