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Economic Development

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Economic Development ECONOMIC DEVELOPMENT Key factors in the UAE’s successful economic performance have been a strong oil market, development of public joint stock companies, enlargement of free zones, a buoyant local stock market and launches of several new mega-projects. 71 ECONOMIC DEVELOPMENT THE ECONOMY A 20-YEAR PERIOD OF FISCAL DEFICITS in the UAE’s consolidated government financial accounts came to an end in 2005 when it posted a Dh38.2 billion surplus. Public revenues rose by 69.3 per cent to reach Dh160.5 billion, while public spending increased Astute economic by 27 per cent to reach Dh122.3 billion. The resulting surplus policies provided contrasted with a deficit of Dh1.5 billion in 2004. This surge in solid foundations public finances was primarily due to the increase in oil and gas for impressive revenues, which rose by 52 per cent in 2005, reaching Dh111.4 growth in all billion compared to Dh73.3 billion in 2004. sectors. The country’s impressive economic performance during the year led to a GDP growth rate of 25.6 per cent at current prices, while real GDP growth is estimated at 8.2 per cent. Key factors were the strong oil market, active development of public joint stock companies, increased involvement of free zones and buoyant local stock markets, together with launches of a number of significant new projects. Astute economic policies provided solid foundations for impressive growth in all sectors with GDP at current prices reaching Dh485.5 billion in 2005 compared to Dh386.5 billion in 2004 (based on Ministry of Economy figures and Central Bank Annual Report). According to the Ministry of Economy and the Central Bank, the non-oil sector accounted for 64 per cent of nominal GDP (73 per cent of real GDP), rising by 19 per cent to Dh312 billion, compared to Dh263 billion in 2004. Development of the relatively new private property market in the UAE supported a rise in contribution to GDP The non-oil sector accounted for 64 per cent of the real estate and business services sector, which formed 11.5 of nominal GDP in 2005. Slightly over half of per cent of the non-oil GDP. Likewise, the building and construction the Dh93.7 billion invested in projects in sector continued to boom, adding 11.2 per cent to GDP. Meanwhile 2005 was by the private sector. government investment in education, health and social services A new private property boosted the government services sector to 11.1 per cent of non-oil market in the UAE has GDP; and infrastructural projects involving transportation, storage boosted the country’s and communications contributed 10.4 per cent. economic performance. @www.uaeinteract.com/economicdevelopment 72 UNITED ARAB EMIRATES YEARBOOK 2007 ECONOMIC DEVELOPMENT 73 GDP AT CONSTANT PRICES 2003–2005 (in millions of dirhams) GDP AT CURRENT PRICES 2003–2005 (in millions of dirhams) 2003 2004 2005* 2003 2004 2005* Gross domestic product .................................. 301,311 330,511 357,588 Gross domestic product ................................. 321,752 386,535 485,513 Crude oil and natural gas production1 ........... 91,025 93,625 95,123 Crude oil and natural gas production1 ............ 92,136 123,261 173,195 Total non-oil sector ........................................ 210,286 236,886 262,465 Total non-oil sector .......................................... 229,616 263,274 312,318 Agriculture .................................................. 8,942 9,806 10,394 Agriculture ................................................. 9,152 10,100 11,028 Industry ....................................................... 69,494 78,593 85,647 Industry ...................................................... 75,061 86,678 105,028 Quarrying ................................................ 738 790 845 Quarrying .............................................. 765 828 919 Manufacturing industries.......................... 39,170 45,570 47,894 Manufacturing industries......................... 42,215 50,159 61,194 Electricity & water ................................... 5,777 6,412 7,214 Electricity & water .................................. 6,009 6,720 7,935 Construction ............................................ 23,809 25,821 29,694 Construction .......................................... 26,072 28,971 34,980 Services ...................................................... 131,850 148,487 166,422 Services ..................................................... 145,403 166,496 193,552 Trade ........................................................... 37,993 44,500 51,620 Trade .......................................................... 41,985 50,801 61,944 Wholesale & retail trade & repair services 32,293 38,105 44,202 Wholesale & retail trade ......................... 35,460 43,458 52,998 Restaurants & hotels ................................ 5,700 6,395 7,418 Restaurants & hotels .............................. 6,525 7,343 8,946 Transportation, storage & communications ... 21,121 23,260 26,516 Transportation, storage & communications .. 24,692 27,263 32,642 Financial corporate sector............................. 18,954 22,050 25,358 Financial corporate sector............................ 19,902 23,374 28,426 Real estate .................................................. 23,272 27,046 30,832 Real estate ................................................. 25,355 30,018 35,920 Government services .................................... 28,222 29,509 30,099 Government services .................................. 30,737 32,463 34,735 Other services .............................................. 7,886 8,407 8,911 Other services ............................................. 8,557 9,239 9,989 Less: Imputed bank service charges .............. 5,598 6,285 6,914 Less: Imputed bank service charges ............. 5,825 6,662 7,395 * preliminary figures for 2005 * preliminary figures for 2005 Sources: Ministry of Economy and Central Bank Annual Report, 2005. Sources: Ministry of Economy and Central Bank Annual report, 2005. Notes: 1/ Includes natural gas and petroleum processing industries. Notes: 1/ Includes natural gas and petroleum processing industries. The importance of the private sector in the UAE’s growth can accounted for Dh40.7 billion. These investments have paid hardly be over-emphasised. Out of a total investment in projects of dividends as far as economic growth is concerned and have placed Dh93.7 billion in 2005, slightly over half of this investment (50.9 per the UAE in an advantageous position in terms of adopting advanced cent) was by the private sector, while the public sector accounted for technologies. Indeed, the World Economic Forum (WEF) ranked the 34.7 per cent and government investment accounted for 14.4 per UAE in first place in the Arab World and twenty-eighth position cent of the total. The largest investments were made in productive worldwide as regards preparedness for technology applications. sectors (48.7 per cent of the total, or Dh45.6 billion), while the Balance of trade figures (FOB) achieved a surplus in 2005 of services sector, led by transport, storage and communications, Dh163 billion against Dh101 billion in 2004. Total exports were @www.uaeinteract.com/economicdevelopment 74 UNITED ARAB EMIRATES YEARBOOK 2007 ECONOMIC DEVELOPMENT 75 REAL GDP GROWTH GDP BY SECTOR (in millions of dirhams) 18 18 non-oil 9% 15 < projected > 8% H 15 T overall 7% W 8% O R 12 oil 12 32% G 7% 36% P D 8% G 9 9 L 4% A 2004 2005 E 4% R 6 N 6 7% I E 7% G 3 N 3 A 13% H 11% C 11% 13% E 0 G 0 7% 7% A T N E -3 C -3 R E P Sectors 2004* 2005** -6 -6 (1) Non-financial enterprises sector 335,234 427,364 -9 -9 2000 2001 2002 2003 2004 2005 2006 Agriculture, livestock & fishery....................................10,100 11,028 Mining & quarrying....................................................124,089 174,114 Sources: UAE Authorities and IMF staff estimates A. Crude oil & natural gas .........................................123,261 173,195 B. Other .................................................................... 828 919 INFLATIONARY PRESSURES Manufacturing ..........................................................50,159 61,194 Electricity, gas & water .............................................. 6,720 7,935 Construction .............................................................28,971 34,980 11.5 11.5 transport & communication Wholesale / retail trade & maintenance .....................43,458 52,998 M food Restaurants & hotels ................................................. 7,343 8,946 U N 9.5 9.5 N housing Transportation, storage & communication ..................27,263 32,642 A R E oil Real estate & business services ..................................30,018 35,920 P N 7.5 7.5 O Social & private services ............................................ 7,113 7,607 I T A L F N (2) Financial enterprises sector .............................................23,374 28,426 I 5.5 5.5 N I E G (3) Government services sector ............................................32,463 34,735 N A H 3.5 3.5 C Household services ....................................................2,126 2.382 E G A T N (less) Imputed bank services charges ....................................... 6,662 7,395 E 1.5 1.5 C R E P TOTAL .................................................................................... 386,535 485,513 -0.5 -0.5 Total non-oil sectors ............................................................... 263,274 312,318 2000 2001 2002 2003 2004 2005 Including agriculture, livestock & fishing; electricity & water; restaurants & hotels, social & personal services and household
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