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FINANCIAL NEWS
UAE’s 2011 GDP expands to USD338b
16 Dec 2012
(MENAFN) The UAE’s national bureau of statistics said that the country’s gross domestic product (GDP) grew by USD54.70 billion last year in current prices to USD338 billion, reported Emirates 24/7.
The agency attributed the increase to high oil prices and high crude production.
It added that the oil and gas sector contributed with most of the growth, with an expansion of USD41.64 billion to USD129.91 billion, compared with USD87.72 billion a year earlier.
Moreover, the wholesale and retail sector rose by nearly USD2.17 billion, reaching USD39.84 billion from USD37.67 billion, whereas the construction sector grew to about USD35.71 billion from USD32.79 billion.
On the other hand, the transport, storage and communications sector rose from USD24.74 billion to USD26.94 billion and the manufacturing sector grew to USD27.08 billion from USD25.09 billion.
It is worth noting that the real estate and business services sector was the only sector to post a contraction in the year as a result of lower rents, sluggish activity and a decline in construction costs.
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