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12077
Thu, 07/10/2008 - 16:13
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UAE reaffirms 7.4% real growth for 2007
Abu Dhabi, July 10, 2008 (WAM) - The UAE Ministry of Economy yesterdayreaffirmed that the real economic growth during last year had stood at 7.4 per cent.
It denied reports that it had downgraded the growth rate. "The Ministry has not released any new report about economic growth in the country other than it issued in last March in which it set real economic growth at 7.4 per cent in 2007 compared to 2006," said Rashid Al Suwaidi,Assistant Undersecretary for Planning and Statistics.
An agency report said the ministry had revised down its 2007 economic growth rate to an estimated 5.2 per cent from an earlier 7.6 per cent. The agency said real gross domestic product of the world's fifth-largest oil exporterhit Dh498.70 billion in 2007 compared to Dh473.91bn in 2006.
In March, the ministry had said the economy grew 7.6 per cent as construction, industry and trade sectors surged. The UAE grew 11.6 per cent in 2006, the revised data showed, according to the agency. The UAE has beentrying to diversify its economy from oil.
GDP at current prices was Dh729.73bn last year, up 16.8 per cent from theyear earlier, the agency said.
The UAE Central Bank said in another report that the commercial banks increased lending to residents by 42 per cent in 2007 to Dh626.7bn, stoking record inflation. M1 money supply growth increased an annual 51 per cent in December 2007, up from 15 per cent a year earlier, the UAE Central Bank saidon its website yesterday.
The Central Bank said the UAE's population grew 6.1 per cent in 2007 to 4.49 million people, led by an influx of new residents into Dubai amid strong growth in the construction sector. Dubai posted a 7.7 per cent growth in population to 1.48 million people last year, the central bank said in its2007 annual report, citing data from the UAE Ministry of Economy.
Total employees in the UAE grew 7.9 per cent to 3.1 million, the bank said.
The construction sector accounted for a fifth of employees last year, withits total workforce growing 7.9 per cent over 2006, it said.
In Abu Dhabi, a population of 1.49 million in 2007 was 4.4 per cent higher than 2006. (WAM with inputs from Reuters)
It denied reports that it had downgraded the growth rate. "The Ministry has not released any new report about economic growth in the country other than it issued in last March in which it set real economic growth at 7.4 per cent in 2007 compared to 2006," said Rashid Al Suwaidi,Assistant Undersecretary for Planning and Statistics.
An agency report said the ministry had revised down its 2007 economic growth rate to an estimated 5.2 per cent from an earlier 7.6 per cent. The agency said real gross domestic product of the world's fifth-largest oil exporterhit Dh498.70 billion in 2007 compared to Dh473.91bn in 2006.
In March, the ministry had said the economy grew 7.6 per cent as construction, industry and trade sectors surged. The UAE grew 11.6 per cent in 2006, the revised data showed, according to the agency. The UAE has beentrying to diversify its economy from oil.
GDP at current prices was Dh729.73bn last year, up 16.8 per cent from theyear earlier, the agency said.
The UAE Central Bank said in another report that the commercial banks increased lending to residents by 42 per cent in 2007 to Dh626.7bn, stoking record inflation. M1 money supply growth increased an annual 51 per cent in December 2007, up from 15 per cent a year earlier, the UAE Central Bank saidon its website yesterday.
The Central Bank said the UAE's population grew 6.1 per cent in 2007 to 4.49 million people, led by an influx of new residents into Dubai amid strong growth in the construction sector. Dubai posted a 7.7 per cent growth in population to 1.48 million people last year, the central bank said in its2007 annual report, citing data from the UAE Ministry of Economy.
Total employees in the UAE grew 7.9 per cent to 3.1 million, the bank said.
The construction sector accounted for a fifth of employees last year, withits total workforce growing 7.9 per cent over 2006, it said.
In Abu Dhabi, a population of 1.49 million in 2007 was 4.4 per cent higher than 2006. (WAM with inputs from Reuters)
