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UAE economy achieves milestones in 18



Sultan bin Saeed Al Mansouri, Minister of Economy, revealed that the UAE economy had achieved several developmental milestones in 2018, which have contributed to stimulating its growth, enhancing its competitiveness and ensuring the sustainable development of the economy.

The Minister added that the country has reinforced its regional and global reputation as an economic hub, thanks to the balanced and positive performance of the economy, as well as the concerted efforts made to deal with challenges and envision a comprehensive growth strategy based on diversification, sustainability, openness, active engagement with global markets, forging partnerships and adopting prudent approaches to emerging socio-economic development trends.

In 2018, Al Mansouri noted, the UAE focused on consolidating its economic development and finalising strategic plans and initiatives to fast-track its national growth objectives, guided by the countrys leadership.

Economic policies and plans are based on important elements such as stimulating the environment of innovation, technology, scientific research and intellectual property as engines of development and transformation into a globally competitive digital economy; developing business-friendly systems and legislation; attracting value-added sectors; enhancing the role of the private sector; promoting entrepreneurship through supporting SME and startups; and developing national human resources, he added.

The Minister noted that the UAE continues to march ahead in its development path, based on integrated strategies for continuous development and modernisation, most notably the National Agenda 2021, the UAE Centennial 2071, and the post-oil economy plan, among others.

The countrys gross domestic product, GDP, at current prices for 2017, according to the Federal Competitiveness and Statistics Authority, reached approximately Dhs1405 billion, achieving a growth rate of 7.2 percent over 2016, while the non-oil GDP at current prices for 2017 amounted to about Dhs1092 billion with an increase of 3.2 percent over 2016, which makes the contribution of non-oil sectors in the GDP of the state achieved a rate of 77.7 percent, according to current prices. The real GDP of 2017 at constant prices (2010 is a base year) amounted to more than Dhs1422 billion with an increase of 0.8 percent compared to 2016, while the real non-oil GDP for the same year was about Dhs1 trillion, achieving 2.5 per cent growth over 2016. Thus, the contribution of non-oil sectors to real GDP reached 70.5 percent, which reflects a positive trend in fast-tracking the economic diversification agenda of the State.

The International Monetary Fund, IMF, affirmed that the UAE economy has displayed flexibility and adaptability in the face of low and volatile oil price challenges over the past years and that the country has adopted effective fiscal and economic policies that have had the most significant impact on maintaining the strength of the economy. The countrys current account surplus is expected to exceed seven percent of GDP this year as the momentum of non-oil economic activity increases, raising the real GDP growth estimate for the country in 2018 to 2.9 percent, with a further rise expected during the coming year, at a rate of 3.7 percent.

Diversification

Concerning economic diversification, the IMF has predicted that the contribution of non-oil GDP will increase to 2.9 percent by the end of 2018 and that it will continue to grow next year to about four percent.

Al Mansouri said that the prospects for economic growth in the country include many positive indicators in the coming years, given the growth of its non-oil sectors, the continued investment spending on development projects, strategic initiatives and incentives to increase investment attractiveness, and accelerated investments associated with the hosting of Expo 2020 Dubai.

The Minister of Economy added that the structure of real GDP for 2017 reflects the increase in economic diversification and the development of non-oil sectors, where a group of vital and value-added industries have witnessed good growth rates, notably the manufacturing industry, which grew by 3.4 percent, and the ITC sector by 3.4 percent, agriculture and fisheries by three percent, transport and storage sector by 2.7 percent, real estate sector by 2.8 percent, health sector by 4.4 percent and areas related to tourism, such as arts, entertainment and service promotion, by 3.9 percent.

He went on to note that non-oil sectors witnessed significant progress over the past years, and continued its support and growth during 2018 mainly in the domains of physical and electronic infrastructure, space sector, logistics and transportation services, financial services including the merger of banks to form giant global business entities, renewable, nuclear and clean energy sector, foreign trade and wholesale and retail trade.


Time Added: 2018-12-13 09:18:31
Source: gulfbase
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