UAE's GDP records 23.4% rise in 2006 to Dh599.2b

Abu Dhabi: UAE's gross domestic production (GDP) increased by 23.4 per cent at current prices in 2006 to amount to Dh599.2 billion when compared to the preceding year, according to the country's central bank.

The increase in the non-oil sectors surged to 20.3 per cent, to constitute 62.7 per cent of the total GDP, while revenues from oil and gas production increased by 29 per cent to Dh223.4 billion.

The balance of payment achieved a surplus in both the trade and current balances, with the latter's surplus surging by 44.3 per cent, while the trade balance's surplus shot up by 31.8 per cent.

The money supply (M1) continued to increase and expanded by 14.9 per cent to touch Dh109.57 billion, driving the broad money (M2) up by Dh75.2 billion or 33.2 per cent to Dh399.29 billion. The central bank rendered a positive impact of the domestic credit's increase on the expansion of the money supply.

Net domestic credit swelled by 42 per cent or Dh118.92 billion by the end of 2006, according to the central bank's data published yesterday.

Meanwhile, expenditures increased by Dh23.8 billion or 22.8 per cent amounting to Dh128.2 billion by the end of 2006. The figure was Dh104.4 billion in the previous year.

Government account

Accordingly, the surplus in the unified government account recorded in 2006 amounted to Dh72.5 billion compared to Dh39.5 billion one year earlier.

The total assets of UAE banks increased by 34.7 per cent to Dh859.57 billion during the period, while the money and deposits at the central bank increased.

Economy: Banks give 36.1% more credit

The credit granted by banks in the UAE increased by 36.1 per cent to Dh537.4 billion in 2006, with the credit granted to residents increasing Dh121.02 billion or 34.3 per cent to stand at Dh474.16 billion.

The revenues in the country's balance of payment increased by 39.5 per cent to stand at Dh200.7 billion, compared to Dh143.9 billion by the end of 2005, which the central bank attributes to the increase in the oil and gas revenues.