UAE 2010 non-oil economy up 4.8%

02 Jun 2011

(MENAFN) UAE’s National bureau of Statistics said that last year, the country’s non-oil economy started to recover by nearly 4.8 percent in real terms after it shrank by almost 4.2 percent in 2009 compensating the contraction in the hydrocarbon sector and permitting the country to record a notable increase in the GDP, reported Emirates 24/7.

The bureau added that the non-oil sector’s share in the real GDP went up to nearly USD182 billion in 2010 from around USD174 billion in 2009, adding that in spite of a significant increase in average crude prices in 2010, the hydrocarbon sector declined by about 5.5 percent in real terms.

It also said that real GDP rose 1.4 percent last year, from USD262 billion in 2009 to a record USD266 billion. On the other hand, trade grew nearly USD1.6 billion in 2010 after dropping by around USD3 billion in 2009, whereas the construction sector recovered by nearly USD2.5 billion in 2010 after reaching USD272 million in 2009.

It is worth noting that the global financial crisis didn’t affect the public investment sector, since it expanded from around USD16.6 billion in 2008 to USD17 billion in 2009 and USD18 billion in 2010.

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