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Sun 31 Mar 2019 10:35 AM

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UAE on track to meet 2021 targets on diversifying economy away from oil

Strong performance of non-oil activities reason behind GDP growth, says Minister of Economy

UAE on track to meet 2021 targets on diversifying economy away from oil
Minister of Economy Sultan bin Saeed Al Mansouri.

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.