UAE says GDP growth slows to 5.2% in 2007

GROWTH SLOWS: UAE economic growth in 2007 fell by almost half, according to government figures

The UAE's real Gross Domestic Product grew by 5.2 in 2007 to 729.7 billion dirhams ($198.7 billion), according to Ministry of Economy figures, official news agency WAM reported on Tuesday.

This puts the UAE's economy around 20 percent smaller than that of Ireland ($250 billion).

The growth figure is lower than previous estimates of over 7 percent, including one by the International Monetary Fund of 7.7 percent. It compares with GDP growth of 9.4 percent in 2006 and 8.2 percent in 2005.

Non-oil GDP rose 16.8 percent, to 467.9 billion dirhams accounting for 64.1 percent of total GDP during 2007, it said.

The report pointed to the country's continuing success in the field of economic diversification, aimed at "averting the chances of oil market fluctuations' influencing its economy" while at the same time acknowledging that the rise in oil prices had "contributed to a substantial increase in the country's revenue and an eventual surplus budget."

The report added that investment had risen 22.6 percent to 148.5 billion dirhams in 2007, up from 121 billion dirhams in 2006.

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Method of calculation
Posted by Nick M on Wednesday 17 September 2008 at 11:45 UAE time

Dubai calculates its GDP at current prices and not at constant prices ... so is it real GDP or "feel good" GDP

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