The UAE economy recorded a growth of 7.4 per cent in 2008 as the country’s economic chief insisted the impact of the global crisis on business had been “relative and minimal”.
Sultan Bin Saeed Al Mansouri, Minister of Economy, said the “fast, effective measures” taken by the government had helped certain sectors – including construction, real estate, financial services and oil – to regain balance, following initial difficulties caused by the financial downturn.
Preliminary data issued by the Central Statistics Department of the ministry indicated that the gross domestic product (GDP) at fixed price amounted to AED535.6 billion ($145bn) in 2008, representing a growth rate of 7.4 per cent.
At current prices, the GDP totalled about AED929.4 billion in 2008 compared to AED729.7 billion in 2007, Mansouri added.
In comments reported by news agency WAM, the minister said effective actions being adopted have helped to guide some of these sectors into “curative and disciplinary” processes which could be beneficial in the long run.
He said a number of factors had contributed to the GDP growth, top of which was the oil price hike which saw prices reach a record $147 a barrel in July.
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