UAE slashes '07 economic growth estimate

GROWTH CUT: The UAE economy grew at 5.2 percent in 2007, down from 7.6%, according to revised figures from the economy ministry. (Getty Images)

The United Arab Emirates revised down its 2007 economic growth rate to an estimated 5.2 percent from an earlier 7.6 percent, the Ministry of Economy said in data obtained by newswire Reuters on Wednesday.

The ministry did not say why it revised GDP data going back to 2001.

Real gross domestic product of the world's fifth-largest oil exporter hit 498.70 billion dirhams ($135.8 billion) in 2007 compared with 473.91 billion dirhams in 2006, the ministry said in an emailed statement.

In March, the ministry said the economy grew 7.6 percent as construction, industry and trade sectors surged.

The UAE grew 11.6 percent in 2006, the revised data showed. GDP growth in 2007 was the slowest since 2002.

The UAE has been trying to diversify its economy from oil. Oil dominates the economy of Abu Dhabi, while Dubai's relies more on trade, real estate and transport.

The value of petroleum sector output fell 1.2 percent in 2007 to 121.33 billion dirhams, the data showed, compared with growth of 1 percent in data released in March.

Manufacturing rose 12.4 percent last year, down from a previous estimate of 15 percent, while construction gained 14.4 percent, down from a 17 percent March estimate.

GDP at current prices was 729.73 billion dirhams last year, up 16.8 percent from the year earlier, the ministry added.

Earlier estimates showed current price GDP rose 16.5 percent last year to 698 billion dirhams. (Reuters)

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