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UAE Economy Rises By Leaps and Bounds
The UAE’s GDP last year reached Dh284.5 billion as compared to Dh6.5 billion in 1972 at the beginning of the union. The 13 per cent annual rate of growth in GDP reflects the soundness of government policies that aimed at diversification of the sources of national income through decreasing dependency on oil and increasing the share of the non-oil sectors.
Official figures showed that the GDP share for non-oil sectors roared up from Dh2.3 billion in 1972 to Dh199.2 billion last year, with 15.5 per cent annual growth rate. The utilisation of oil proceeds and revenue for development and the adoption of free market system and policies resulted in attaining high rates of growth for the national economy of the country. As the productive sector emerged as a cornerstone in the process of national development during 1972 -2003. GDP for oil sectors increased from Dh4.1 billion in 1972 to Dh84.9 billion last year, growing at the rate of 10.3 per cent.
As for the manufacturing sector, the share in GDP went up from Dh178 million in 1972 to Dh39.7 billion last year, scoring 18.5 per cent growth rate, while the share of agriculture increased from Dh116 million to Dh9.3 billion during the same period of time. Electricity and water sector grew by 13.8 per cent, registering an increase from Dh84 million at the beginning of the union to Dh5.5 billion last year.
The industrial production value went up from Dh425 million in 1972 to Dh76 billion in 2003, while the value of agricultural production rose from Dh154 million to Dh11.8 billion for the same period. Electricity and water production value witnessed an increase from Dh108 million to Dh10 billion during 1972-2003.
Grace to the late President His Highness Shaikh Zayed bin Sultan Al Nahyan’s long-sighted vision, UAE’s balance of payment has always been in surplus, enabling the country to extend its hand to other nations in terms of loans and grants. The surplus showed an increase from Dh3.1 billion in 1972 to Dh43.2 billion last year. All achievements, which have been accomplished by the father of nation, are crowned by the introduction and implementation of the e-government, reflecting the technological advances to cope with the latest modernisation needs in all aspects for the furtherance of development, growth and prosperity in a rapidly growing economy with attractive investment atmosphere that he has left as a legacy for generations of UAE nationals to come.
BY JAMILA QADIR
Article originally published by Khaleej Times
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