Dubai Posts 16% GDP Growth Rate In 2005
Dubai’s economy grew around 16 per cent in 2005 and is estimated to reach AED136 billion according to a statement from the Dubai Department of Economic Development (DED).
This rate of growth is expected to beat that of China, acknowledged to be one of the fastest growing economies in the world today with a growth rate of 8.5 per cent.
Emphasizing that 2005 had witnessed a consolidation of Dubai’s meteoric growth, Mohamed Ali Alabbar, DED Director General, reiterated that the Dubai’s economy is sustainable over the long term.
Backed by business-friendly governmental policies, the emirate’s economic growth would continue its steady pace and is expected to touch the AED150 billion mark in 2006.
At current prices, Dubai’s GDP has recorded a significant increase and is estimated to reach AED136 billion in 2005 up from AED118.4 billion in 2004. When compared to AED62.3 billion in 2000 and AED44.7 billion for the year 1996, this puts the accumulated annual growth of Dubai’s economy in the last decade at among the highest rate of growth in the world.
The non-oil GDP grew by 14.92 per cent in 2005 and is estimated to reach AED128.4 billion, up from AED11.7 billion in 2004 and AED92.5 billion in 2003. Compared with figures for 1996 when the non-oil GDP was only AED38.17billion, this shows a record rise of 236 per cent in the last decade.
Backed by consistently high oil prices, Dubai’s oil GDP grew by 18 per cent over last year’s AED6.7 billion and is estimated to touch AED7.9 billion, although the contribution of oil to Dubai’s overall GDP has remained close to the 2004 levels at 5.8 per cent. The contribution of the non-oil sector to the emirate’s GDP was 94.20 per cent in 2005.
Source: DTCM Weekly Newsletter Issue No 39