UAE GDP growth at 1.7% in 2018: Economy Minister

By Eudore R. Chand

Economy on track to deliver UAE Vision 2021

DUBAI 31 March 2019: The UAE gross domestic product (GDP), grew by 1.7 percent in 2018 at constant prices of 2018 as compared to 2017, said Sultan bin Saeed Al Mansouri, Minister of Economy, citing preliminary macro-economy indexes issued by the Federal Competitiveness and Statistics Authority (FCSA), for last year.

Al Mansouri noted that the improvement in the UAE’s economic performance was driven by growth in the oil revenues as a result of the increase in world oil prices and robust performance of non-oil activities, said Wam.

He added that the economy was on the right track to deliver the UAE Vision 2021 which sought to develop non-oil sectors and reduce dependency on oil revenues.

The real GDP rose at real prices (base year 2010) to Dh1,442.5 billion in 2018 from Dh1,418 billion at the end of 2017, according to the FCSA’s GDP estimates.

For economic diversification, the estimates showed that GDP of non-oil sectors surged to nearly Dh1,127.6 million, a growth of 2.9 percent at current prices and 1.3 percent at constant prices at the end of 2018 as compared to 2017.

”The oil and gas sector contributed 25.9 percent to the GDP, while the share was 11.2 percent for the retail and whole trade sector, 9.2 percent for the financial services sector, 8.9 percent for the manufacturing industries and 8.3 percent for the building and construction sectors,” indicated the estimates.

In 2018, oil activities saw a growth of 35.1 percent as compared to 2017.