Strong performance of non-oil activities reason behind GDP growth, says Minister of Economy
The UAE is on the right track to deliver its Vision 2021 as a rise in oil revenues and strong performance of non-oil activities led to a 1.7% growth rate in its GDP in 2018 compared to 2017, according to Minister of Economy Sultan bin Saeed Al Mansouri.
The minister cited preliminary macro-economy indexes issued by the Federal Competitiveness and Statistics Authority (FCSA) for 2018.
The UAE Vision 2021 aims to diversify the country’s economy away from oil by developing its non-oil sectors.
FCSA’s statistics show the country’s real GDP increased at real prices (base year 2010) from $386bn at the end of 2017 to over $392 billion in 2018.
Moreover, GDP of non-oil sectors rose 2.9% at current prices and 1.3% at constant prices to $306 million at the end of 2018 compared to the year before.
The oil and gas sector contributed 25.9% to the UAE’s GDP, while retail and whole trade contributed 11.2%, followed by financial services at 9.2%, manufacturing at 8.9% and building and construction at 8.3%, according to statistics.
As for oil activities, they grew 35.1% in 2018 compared to 2017.