UAE's real GDP grew 8.5% last year
Dubai: The UAE’s GDP grew by 8.5 per cent in real terms in 2005 due to strong growth in non-oil sectors, according to the International Monetary Fund.
The non-hydrocarbon sector grew by 11 per cent in real terms, led by gains in the manufacturing and service sectors. The oil sector grew by 2.1 per cent.
“Growth was broad-based and most sub-sectors grew at historically high rates,” said Mohammad Elhage, the IMF mission chief for the UAE.
The numbers reflect the real GDP for 2005 after accounting for a rise in prices due to inflation. The IMF estimated inflation at 8 per cent but noted it may be higher. The UAE Ministry of Economy recently said the country’s nominal GDP grew by 26.4 per cent last year, without spelling out the rate of inflation.
Local economists point to anecdotal evidence suggesting the inflation rate to be between 15 and 20 per cent.
The Dubai Chamber of Commerce and Industry (DCCI) is expected to officially release its long-awaited consumer price index (CPI) shortly.
Source: Gulf News