FINANCIAL NEWS

UAE’s GDP up 1.4% in 2010

15 May 2011

(MENAFN) The UAE National Statistics Center stated that the country’s gross domestic product rose 1.4 percent last year due to higher oil prices and expansion in other sectors, reported Emirates 24/7.

The Center also said that the economy gained around USD27.2 billion to raise above the USD272 billion mark for the first time ever in the country’s history. This maintained the UAE’s position as the second largest Arab economy after Saudi Arabia.

The National Statistics Center added that nominal GDP in 2010 hiked to USD297.5 billion up from 2009’s USD270.3 billion. Imports also grew USD204.6 billion from USD187.11 billion and exports soared to USD231.92 billion from USD201.93 billion.

It is worth noting that the Center attributed the growth in economy to the expansion in many non-oil sectors as their contribution to the GDP reached to USD203.96 billion compared to the oil sector’s USD93.62 billion.

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