ABU DHABI, 13 June 2006 — The UAE economy registered a growth of 26.4 percent in current prices in 2005, the Economy Ministry said yesterday.
The gross domestic product (GDP) increased to AED485 billion in 2005, said a ministry report quoted by the official news agency WAM.
Non-oil economy grew 18.6 percent to reach AED312 billion, representing 64.3 percent of the GDP, it said.
‘’The vibrant GDP is a testimony of the success of the UAE’s policy to establish a strong diversified, viable economy, the report said.
On the world oil market, the report said the average rise of oil price to $54 a barrel in 2005 from $36.1 a barrel in 2004 had a good impact on the extracting industries sector whose GDP hiked to AED174 billion from AED124 billion for the same period under review.
‘’In 2005, the UAE carried out investment projects worth AED94 billion. Investment ratio to GDO was 19.3 percent — a percentage reflects the country’s care for investment with the aim of maintaining the development driving force,’’ the report added.
Surplus in the consolidated government financial accounts stood at over AED38 billion while the surplus in the trade balance were AED163 billion.