On the back of the surge in oil prices in the past few years and strong regional liquidity,
the UAE economy continued to perform well with the economy recording high double
digit nominal growth rates since 2003. In 2006, UAE’s gross domestic product (GDP) at
nominal prices increased to AED599.2bn, recording a substantial increase of 23.4% over
AED485.5bn recorded in 2005. Early estimates from Ministry of Economy (MOE) indicate
that the nominal GDP increased by 16.5% to reach AED698.1bn in 2007. In terms of real
GDP, early estimates from MOE indicate that the UAE economy grew by 7.4% in 2007 to
reach AED420.2bn.
Oil prices continued to surge in 2007 with average oil prices increasing to US$69.1/b from
US$63.5/b recorded in 2006. However, there were production cuts from OPEC and heavy
maintenance work at the end of the year because of which oil production had come down
in 2007. As a result of the above, the total value contribution in absolute terms from this
sector is......

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Title: Uae Economy
Approximate Word Count: 1717
Approximate Pages: 7 (250 words per double-spaced page)

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