Published: 09/11/2006 12:00 AM
Abu Dhabi and Dubai lead in contributions to GDP
Dubai: Abu Dhabi and Dubai contributed 59 per cent and 28.9 per cent respectively to the UAE’s GDP last year, according to the latest report by the Dubai Chamber of Commerce and Industry (DCCI).
Sharjah and Ajman contributed 7.4 per cent and 1.2 per cent to the UAE’s GDP, Umm Al Quwain, Ras Al-Khaimah, and Fujairah contributed 0.4 per cent, 1.9 per cent and 0.4 per cent respectively
Sector-wise, oil contributed 27 per cent while manufacturing fetched 20 per cent, trade 17 per cent, real estate 12 per cent, construction 11 per cent, transport, storage a communication 10 per cent and finance 9 per cent.
“The UAE has been following a largely successful, stringent diversification strategy away from oil dependency and has been equally committed to its outward-orientated growth policy. The UAE’s vision to define itself as a regional centre and international trading hub is being realised and, irrespective of oil, the UAE economy is booming,” the DCCI report said.
DCCI has conducted a study to examine the healthiness of the economy by focusing on its main macroeconomic indicators.
During the last decade the UAE economy had shown steady growth and the value of total GDP has touched Dh358 billion in 2005. Oil’s share has declined, whilst non-oil GDP has been the major driver behind the UAE’s growth (accounting for 73 per cent of GDP in 2005).
“Overall, the UAE’s partial capital productivity significantly exceeds labour productivity in 2004. One unit of capital produces Dh2.850 million units of GDP compared to one unit of labour that produces Dh711,000 units of output. Non-oil labour productivity was valued at Dh567,000 units whereas non-oil capital productivity was valued at Dh4.409 million units,” it said.
originally published on http://web.dcci.ae/LibNewsLetter/EN/EN_November06/Gulfnews%20Abu%20Dhabi%20and%20Dubai%20lead%20in%20contributions%20to%20GDP.htm