FINANCIAL NEWS

UAE accounts for 17% of Arab GDP in 2010

25 Apr 2012

(MENAFN) The Abu Dhabi chamber of commerce and industry said that in 2010, the UAE controlled around 17 percent of the combined Arab gross domestic product (GDP) of about USD1.7 trillion, reported Emirates 24/7.

The chamber added that during the mentioned period, the country also accounted for around 29 percent of the Gulf Cooperation Council’s (GCC) total GDP of nearly USD980 billion.

It also said that the UAE became the second largest Arab economy after Saudi, due to high oil prices and a surge in crude production, in addition to stable growth in the country’s non-hydrocarbon sector.

It is worth noting that government figures showed that the UAE’s GDP in 2010 stood at nearly USD297 billion in current prices, representing a 10.1 percent increase over the USD270.23 billion GDP recorded a year earlier.

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