KHALEEJ TIMES, Wednesday , Jun 13, 2018 | Ramadan 28, 1439
UAE maintains positive growth
Sultan bin Saeed Al Mansouri,
UAE Minister of Economy, said that preliminary estimates issued by the Federal
Competitiveness and Statistics Authority (FCSA) indicate growth in the economic
performance of the UAE in general; which came as a result of growth in oil
resources and rise in international oil prices and growth in non-oil sectors.
Al Mansouri also lauded the UAE's
success in economic diversification, expansion of the economic production base,
and the importance of strategic initiatives and programmes aimed at increasing
reliance on non-oil sectors and the sector's contribution to the country's GDP.
The Minister of Economy emphasised the
importance of ongoing economic developments in the country, making it attractive
for foreign investments on a continuous basis. He also reiterated the importance
of foreign trade data to the country and opening up to the world as a component
of international economic relations, as it can enhances the success of economic
policy and its integration with the nation's sustainable development and
According to National Accounts
preliminary estimates by the FCSA for 2017, the general results of the
preliminary estimates of UAE macroeconomic indicators indicated growth of GDP by
0.8 per cent in real (constant) prices in 2017 compared to 2016. The data also
show that GDP estimates for 2017 at real prices (base year 2010) amounted to
approximately Dh1422.2 billion in the UAE, compared to about Dh1411.1 billion in
From an economic diversification
perspective, preliminary estimates indicate that estimates of GDP at current
prices of non-oil sectors amounted to approximately Dh1092 million, with a
growth rate of 3.2 per cent (current prices) and 2.5 per cent (constant prices)
the end of 2017 compared to 2016.
In terms of contribution of economic
sectors to the current GDP, data showed that activities related to the
Extraction of Crude Oil and Natural Gas, has contributed to about 22.3 per cent.
Both wholesale and retail trade activities contributed to 12.3 per cent and
manufacturing activities amounted to approximately 4.8 per cent, while
construction activity contributed with 8.7 per cent. The contribution of
financial services activities amounted to 9.6 per cent. The public
administration, defence and social security sector also showed an increasing
contribution to the GDP, reaching about seven per cent. In terms of the growth
rate of the activities and the economic sectors, which constitute the GDP of
2017 compared to 2016, oil activities achieved a positive growth of 23.7 per
cent. The public administration, defence and social security sector also marked
a growth of 11.4 per cent.
Non-oil activities, on the other hand,
showed mostly positive growth. Electricity, gas, water and waste management
activities achieved the highest annual growth rate of 9.4 per cent, followed by
human health and social services activities by 6.3 per cent. Administrative and
support services increased by 5.5 per cent, while manufacturing activity grew by
4.8 per cent. The arts, entertainment, promotion and other services activities
grew by 3.8 per cent. Education activity achieved a growth rate of 2.9 per cent,
while growth rate in the transport and storage sector reached 2.5 per cent.
In real prices, the highest growth rate
was recorded by accommodation and food services activity by 8.5 per cent.
Electricity, gas, water and waste management activities grew by eight per cent.
The general government sector achieved a growth of 6.2 per cent, health and
social services by 4.4 per cent, while the oil sector achieved negative growth
(-3 per cent) due to the government's policy of reducing production, as a result
of the increase in global oil prices and other sectors.