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FINANCIAL NEWS
UAE nominal GDP grows to USD362.7b in 2011
01 May 2012
(MENAFN) Institute for International Finance (IIF) stated that the UAE’s nominal gross domestic product (GDP) expanded by around USD62.6 billion last year to reach USD362.7 billion, reported Emirates 24/7.
The Washington-based company said that growing oil prices and increased production were the main reason behind the economic growth during the period, adding that the UAE’s oil sector grew to around USD156.7 billion, compared with USD102 billion a year earlier.
It also said that the country’s official reserves expanded to USD36 billion in 2011 from USD32 billion, whereas the assets of its sovereign wealth funds soared to USD520 billion from USD462 billion.
It is worth noting that the UAE’s total exports surged to USD289.7 billion, while oil and gas exports increased to USD130.7 billion, compared with USD85.8 billion in 2010.
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