The UAE's gross domestic product (GDP), backed by higher oil prices, witnessed a 27.5 percent growth last year over 1999, according to a Central Bank report on Sunday.
The GDP rose to Dh242 billion in 2000 from Dh190.5 billion in 1999. (1DH = $0.27).
"The GDP, distributed according to expenditure (in purchaser's value and in current prices) rose from Dh131.22 billion in 1993 to Dh242.82 billion in 2000, at an average annual rate of growth of 9.2 percent," the report said, cited by the Gulf News.
Exports played a major role in the UAE economy, which is still affected by volatility in oil prices.
However, domestic demand, which comprises consumption, fixed capital formation and the change in stocks, grew only 7.7 percent, while the contribution of the external sector (exports of goods and services minus imports) grew 21.2 percent, the report added – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
