Business | Economy
Nominal UAE GDP rises 23% to Dh599b
The UAE's nominal gross domestic products (GDP) rose 23 per cent to Dh599 billion last year, according to a top government official.
- Staff Report
- Published: 00:00 February 15, 2007
Dubai: The UAE's nominal gross domestic products (GDP) rose 23 per cent to Dh599 billion last year, according to a top government official.
"Our economy is going ahead in leaps and bounds. Growth for the UAE has been 23 per cent in nominal terms for 2006 and GDP was Dh599 billion for 2006. This is another record year for the UAE," Mohammad Ahmad Bin Abdul Aziz, undersecretary for Planning at the Ministry of Economy told delegates at the Greece Business Forum yesterday.
"Oil prices have reached record levels and are likely to remain there or even rise further. These are good times for the UAE."
The high crude prices may not seriously affect world growth, he said. "World economic growth currently is being driven by sectors such as services, technology and tourism."
Bilateral trade between the UAE and Greece stood at about Dh395 million by the end of 2005. "Theses figures do not meet our expectations. There is a great deal we can do to improve on this situation," he said.
More from Economy
More from Business
Business Editor's choice
-
DFSA chief to step down in September
Executive has been at post since 2008
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
