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Gulf News:
Published: 05/14/2006 12:00 AM (UAE)

UAE economy to grow by 14 per cent
By Saifur Rahman, Business News Editor

Dubai: The UAE's nominal GDP is expected to grow nearly 14 per cent to Dh559.3 billion this year from Dh491 billion last year, which according to an International Monetary Fund (IMF) report makes it the second biggest Arab economy after Saudi Arabia.

Fuelled by high oil revenues, the 13.91 per cent growth would make the UAE the fastest growing economy in the world, bypassing Asian giants China and India. "High oil prices have boosted regional liquidity, fuelling booms in local stock and real estate markets," the report said.

The UAE's GDP represents nearly 10 per cent of the Middle East and North Africa's $1.53 trillion GDP, the IMF data shows.

Due to high oil prices, the country's gross official reserves rose to Dh100 billion this year from Dh84.41 billion, while the country's external current account balance rose to 27 per cent of its GDP this year from 22 per cent last year.

"High oil prices and a benign global environment underpinned the Middle East and Central Asia region's strong macroeconomic performance in 2005," said Mohsin Khan, Director of the IMF Mideast and Central Asia Department. Regional growth averaged more than 6 per cent despite geopolitical tensions, he said.

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Surpassing Asian giants

UAE'S nominal GDP growth: 13.9%
GDP in 2005: Dh491b ($133.8b)
GDP in 2006: Dh560b ($152b) estimated
INDIA

GDP growth: 8.3%
GDP in 2005: $720.3 billion
CHINA

GDP growth: 9.3%
GDP in 2005: $1.79 trillion
DUBAI

Nominal GDP growth: 16%
GDP in 2005: Dh127.6 bn
 

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Under the Burj
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Untill they sart publishing their figures, they can claim 1 billion % growth.

I will still not be impressed
 

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I love Abu Dhabi.
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6,137 Posts
Good news for the Arab World ....
 

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Jelly Bean!!
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^^ very true...and this is jus now with only a small fraction of projects completed!

3 cheers for dubai..infact give em 10 cheers
 

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smussuw said:
hmmm so our GDP is higher than Egypt? :runaway:

shame on them
i guess it was since last year bro
 
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