UAE achieves strong growth in 2002 - EIB

The UAE economy achieved strong growth in 2002 despite the September 11 events and their adverse impact on the world economies in general, according to the Emirates Industrial bank's bulletin, reports WAM from Dubai.

"Last year's results reflected the local economy's ability to surmount regional and international crises, the bulletin said.

"The UAE's GDP increased by 4.2 per cent to Dh246 billion last year from Dh236 billion the previous year.

"The local tourism sector rebounded at a record pace which dazzled most optimistic observers.

"Non-oil sectors contributed the biggest share to the increase in the GDP. They grew by 5.3 per cent to Dh179 billion last year from 170.5 billion in 2001.

"The oil sector increased by 1.5 per cent to Dh66.5 billion from Dh65.5 billion during the same period.

"The GDP grew by 46.5 per cent over the last 10 years, based on the current prices.

"The manufacturing, construction, tourism and service sectors contribution to the GDP increased and the commercial banks achieved good results last year after they diversified their investment portfolios and increased their contribution to financing of local projects," the bulletin said.