UAE's GDP grows at 26% to Dh485b

Abu Dhabi: High oil price pushed the UAE's GDP growth at 26.4 per cent, reaching Dh485 billion in 2005, according to the Ministry of Economy.

This is the highest GDP growth recorded by any country in recent history and reflects the high level of inflation.

"The GDP stood at Dh485 billion for an annual growth rate of 26.4 per cent in 2004 current prices, due to the increase in international oil prices. The average price for a barrel of oil was $54 in 2005 compared to $36.1 in 2004, which was reflected on the growth of the sector's revenues from Dh124 billion to Dh174 billion," it said.