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73510
Mon, 08/03/2009 - 15:56
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https://oananews.org//node/73510
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UAE non-oil sector up 3.9% at Dh294 billion last year
Abu Dhabi, Aug 3, 2009 (WAM) - A sharp rise in public and private investment boosted the UAE's real non-oil sector by around 3.9 per cent in 2008 despite a slowdown in the second half because of the global fiscal distress, official figures showed yesterday according to a report by "Emirates Business 24|7".
From about Dh282.9 billion in 2007, the non-oil sector's contribution to the country's real gross domestic product (GDP) grew to nearly Dh294 billion in 2008, showed the figures by the Ministry of Economy. Growth last year was slightly lower than in 2007, when the real non-oil GDP expanded by four per cent.
Despite a sharp increase in the hydrocarbon sector because of higher output and prices, the non-oil sector remained the dominant component of the GDP, accounting for nearly 54.9 per cent last year, the figures showed.
Unlike the oil sector, which has fluctuated over the past decade, the non-oil sector has recorded steady growth and experts said this was due to high investments and progress in diversification efforts.
"The non-oil sector is still partly influenced by the oil sector as it somewhat depends on how much the government spends," said an economist at an Abu Dhabi-based bank. "But this reliance is steadily declining thanks to ongoing efforts to achieve sustained growth and the fact that the private sector is now playing a much bigger role in the domestic economy."
The figures showed domestic household services recorded the highest real growth of about 17 per cent last year, followed by the oil and gas sector, which surged by 12.1 per cent mainly due to higher output.
Real growth was put at 6.7 per cent in construction, six per cent in the financial sector, 4.8 per cent in government services, 4.5 per cent in the manufacturing sector and around 3.2 per cent in restaurants and hotels.
Other non-oil sectors recorded growth except the electricity and water sector, which slumped by about 2.1 per cent, according to the Ministry of Economy.
Its figures showed the gross fixed capital formation, which covers public and private investments, hit an all time high of Dh200.4bn in 2008, an increase of nearly 35 per cent over the 2007 investment of Dh148.5bn.
A breakdown showed the manufacturing sector was the second largest contributor to the real GDP after the oil sector in 2008, with Dh66.5bn, accounting for about 12.4 per cent of the Dh535.3bn GDP.
The oil sector stood at Dh241.3bn while the value was put at Dh40.6bn in trade, Dh40.1bn in construction and Dh34.2bn in government services. –
From about Dh282.9 billion in 2007, the non-oil sector's contribution to the country's real gross domestic product (GDP) grew to nearly Dh294 billion in 2008, showed the figures by the Ministry of Economy. Growth last year was slightly lower than in 2007, when the real non-oil GDP expanded by four per cent.
Despite a sharp increase in the hydrocarbon sector because of higher output and prices, the non-oil sector remained the dominant component of the GDP, accounting for nearly 54.9 per cent last year, the figures showed.
Unlike the oil sector, which has fluctuated over the past decade, the non-oil sector has recorded steady growth and experts said this was due to high investments and progress in diversification efforts.
"The non-oil sector is still partly influenced by the oil sector as it somewhat depends on how much the government spends," said an economist at an Abu Dhabi-based bank. "But this reliance is steadily declining thanks to ongoing efforts to achieve sustained growth and the fact that the private sector is now playing a much bigger role in the domestic economy."
The figures showed domestic household services recorded the highest real growth of about 17 per cent last year, followed by the oil and gas sector, which surged by 12.1 per cent mainly due to higher output.
Real growth was put at 6.7 per cent in construction, six per cent in the financial sector, 4.8 per cent in government services, 4.5 per cent in the manufacturing sector and around 3.2 per cent in restaurants and hotels.
Other non-oil sectors recorded growth except the electricity and water sector, which slumped by about 2.1 per cent, according to the Ministry of Economy.
Its figures showed the gross fixed capital formation, which covers public and private investments, hit an all time high of Dh200.4bn in 2008, an increase of nearly 35 per cent over the 2007 investment of Dh148.5bn.
A breakdown showed the manufacturing sector was the second largest contributor to the real GDP after the oil sector in 2008, with Dh66.5bn, accounting for about 12.4 per cent of the Dh535.3bn GDP.
The oil sector stood at Dh241.3bn while the value was put at Dh40.6bn in trade, Dh40.1bn in construction and Dh34.2bn in government services. –
