UAE?s GDP up by 1.4 %

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The UAE?s economy has gained nearly Dh100 billion in current prices, in 2010, to smash through the Dh 1 trillion mark. This is the first time since the country was established four decades ago; the high oil prices are the key role in driving the nation?s economic growth.

Official data shows the real GDP rebounded by 1.4 percent after a contraction of 1.6 per cent in 2009 because of lower oil prices and the repercussions of the 2008 global fiscal distress.

These figures also show the expansion in the non-oil economy boosted its contribution to GDP to 69 per cent last year from 66 per cent in 2009. The report showed an improvement in other economic variables, with the gross capital formation (investments) surging to a record high of around Dh 260.2 billion in 2010 from Dh 221.3 billion in 2009. Final consumption has also grown to about Dh 716.5 billion from Dh 701.4 billion while exports leaped to Dh 851.9 billion from Dh 741.7 billion. Imports also grew to Dh 751.6 billion fro, Dh 687.3 billion.

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