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55172
Mon, 04/13/2009 - 15:32
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https://oananews.org//node/55172
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UAE economy fared well in 2008: FCCI
The UAE economy navigated safely and confidently through the rough sea of the international financial crisis in 2008 which rocked most of the world economies, according to a report by the UAE Federation of Chambers of Commerce and Industry (FCCI).
''The UAE economy has made economic gains in various sectors despite obstacles the global trade faced in terms of non-oil exports and imports,'' said Salah Al Shamsi, FCCI Chairman, in a forward at the FCCI 2008 report.
''Despite the diverse impact of the global financial meltdown on world economies, the UAE has managed to contain the crisis through adoption of a raft of economic, financial and monetary precautionary measures which cushioned the domestic economy, the report said.
Facilities amounting to Dh 120 billion were made available to national banks to ensure smooth delivery of funding to vital projects.
The report said the private sector contributed 39 per cent (Dh 350 bn) to the Gross Domestic Product (GDP).
According to preliminary data, the GDP grew by 13.9 per cent in 2008 to Dh 929.4 bn while per capita GDP was projected to grow 7.1 per cent at current prices to Dh 143,000.
Oil sector surged by 24.2 per cent to Dh 305.5 bn in 2008 from Dh 246 bn in 2007,''the report indicated.
On industry, figures showed that Dh 72 bn were pumped into the manufacturing industries as part of the economic diversification policy away from the oil revenues which declined in the final quarter of last year.
The report noted that the construction sector continued its robust performance in the first half of 2008, executing developments worth Dh 1100 bn motivated by surging demand for residential and commercial units.
Share of tourism in the GDP, the report, rose 22.6 per cent to Dh 282.2 bn in 2008 from Dh 144 bn in 2007.
''The UAE economy has made economic gains in various sectors despite obstacles the global trade faced in terms of non-oil exports and imports,'' said Salah Al Shamsi, FCCI Chairman, in a forward at the FCCI 2008 report.
''Despite the diverse impact of the global financial meltdown on world economies, the UAE has managed to contain the crisis through adoption of a raft of economic, financial and monetary precautionary measures which cushioned the domestic economy, the report said.
Facilities amounting to Dh 120 billion were made available to national banks to ensure smooth delivery of funding to vital projects.
The report said the private sector contributed 39 per cent (Dh 350 bn) to the Gross Domestic Product (GDP).
According to preliminary data, the GDP grew by 13.9 per cent in 2008 to Dh 929.4 bn while per capita GDP was projected to grow 7.1 per cent at current prices to Dh 143,000.
Oil sector surged by 24.2 per cent to Dh 305.5 bn in 2008 from Dh 246 bn in 2007,''the report indicated.
On industry, figures showed that Dh 72 bn were pumped into the manufacturing industries as part of the economic diversification policy away from the oil revenues which declined in the final quarter of last year.
The report noted that the construction sector continued its robust performance in the first half of 2008, executing developments worth Dh 1100 bn motivated by surging demand for residential and commercial units.
Share of tourism in the GDP, the report, rose 22.6 per cent to Dh 282.2 bn in 2008 from Dh 144 bn in 2007.
