13/06/2018 07:50 AST

Sultan Bin Saeed Al Mansouri, Minister of Economy, said that preliminary estimates issued by the Federal Competitiveness and Statistics Authority (FCSA), indicate growth in the economic performance of the UAE in general; which came as a result of growth in oil resources and rise in international oil prices and growth in non-oil sectors.

Al Mansouri also lauded the UAE’s success in economic diversification, expansion of the economic production base, and the importance of strategic initiatives and programmes aimed at increasing reliance on non-oil sectors and the sector’s contribution to the country’s GDP.

The Minister of Economy emphasised the importance of ongoing economic developments in the country, making it attractive for foreign investments on a continuous basis. He also reiterated the importance of foreign trade data to the country and opening up to the world as a component of international economic relations, as it can enhances the success of economic policy and its integration with the nation’s sustainable development and economic prosperity.

According to National Accounts preliminary estimates by the FCSA for 2017, the general results of the preliminary estimates of UAE macroeconomic indicators indicated growth of GDP by 0.8 per cent in real (constant) prices in 2017 compared to 2016 The data also show that GDP estimates for 2017 at real prices (base year 2010) amounted to approximately Dhs1422.2 billion in the UAE, compared to about Dhs1411.1 billion in 2016.

From an economic diversification perspective, preliminary estimates indicate that estimates of GDP at current prices of non-oil sectors amounted to approximately Dhs1092 million, with a growth rate of 3.2 per cent (current prices) and 2.5 per cent (constant prices) the end of 2017 compared to 2016.

In terms of contribution of economic sectors to the current GDP, data showed that activities related to the Extraction of Crude Oil and Natural Gas, has contributed to about 22.3 per cent. Both wholesale and retail trade activities contributed to 12.3 per cent and manufacturing activities amounted to approximately 4.8 per cent, while construction activity contributed with 8.7 per cent.

The contribution of financial services activities amounted to 9.6 per cent. The public administration, defence and social security sector also showed an increasing contribution to the GDP, reaching about seven per cent. In terms of the growth rate of the activities and the economic sectors, which constitute the GDP of 2017 compared to 2016, oil activities achieved a positive growth of 23.7 per cent. The public administration, defence and social security sector also marked a growth of 11.4 per cent.

Non-oil activities, on the other hand, showed mostly positive growth. Electricity, gas, water and waste management activities achieved the highest annual growth rate of 9.4 per cent, followed by human health and social services activities by 6.3 per cent. Administrative and support services increased by 5.5 per cent, while manufacturing activity grew by 4.8 per cent. The arts, entertainment, promotion and other services activities grew by 3.8 per cent. Education activity achieved a growth rate of 2.9 per cent, while growth rate in the transport and storage sector reached 2.5 per cent.

In real prices, the highest growth rate was recorded by accommodation and food services activity by 8.5 per cent. Electricity, gas, water and waste management activities grew by eight per cent. The general government sector achieved a growth of 6.2 per cent, health and social services by 4.4 per cent, while the oil sector achieved negative growth (-3 per cent) due to the government’s policy of reducing production, as a result of the increase in global oil prices and other sectors.


The Gulf Today

Ticker Price Volume
QNBK 179.79 137,952
APPC 47.80 942,051
ALMARAI 45.00 1,409,490
SABIC 124.00 5,999,558
SAICO 10.56 245,021
ENAYA 16.30 180,837
STC 83.60 2,714,692
MENA economic growth hinges on small and medium enterprises

16/10/2018

As efforts to stimulate economic growth in the Middle East and North Africa (MENA) territory remain on course, focus is now shifting to small and medium enterprise-driven strategies in a bid to accel

Saudi Gazette

Riyadh Future Investment Initiative summit on schedule for next week

16/10/2018

Officials and business leaders including US Treasury Secretary Steve Mnuchin, IMF Managing Director Christine Lagarde and JPMorgan Chase CEO Jamie Dimon are set to attend an investment summit in Saud

Arab News

Revenues of Omani hotels rise 8.7%

16/10/2018

The total revenue of Omani hotels in the three-to-five-star category rose by 8.7 per cent to OMR131.96 million in the first eight months of 2018 from OMR121.45 million for the same January-August per

Times of Oman

Qatar’s trade volume with Germany and Italy at QR18.97bn

16/10/2018

Qatar’s economic and trade cooperation with Germany and Italy is expected to witness a major boost in the coming years. All the stakeholders, including top government officials and business leaders f

The Peninsula

Strategy to enhance gas allocation for industry

16/10/2018

Oman’s authorities have pledged to increase the allocation of natural gas — as feedstock and fuel resource — for industrial and economic investments in line with the government’s vision to enhance no

Oman Daily Observer