Nominal UAE GDP rises 23% to Dh599b

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.