Dubai- Asharq Al-AwsatThe UAE gross domestic product, GDP, grew by 1.7 percent in 2018 at constant prices of 2018 as compared to 2017, said Sultan bin Saeed Al Mansouri, Minister of Economy, citing preliminary macro-economy indexes issued by the Federal Competitiveness and Statistics Authority (FCSA), for last year.
Mansouri noted that the improvement in the UAE’s economic performance was driven by growth in the oil revenues as a result of the increase in world oil prices and robust performance of non-oil activities.
The economy grew by around 1.73 percent in 2018, slower than projected despite a boost from higher oil prices, official preliminary data showed. GDP rose at real prices to AED1.442 trillion (USD392 billion) at the end of 2018 from AED1.418 trillion (USD385.9 billion) at the end of 2017.
The state-run news agency Wam reported that the country’s non-oil sector economy, climbed an annual 2.9 percent last year and 1.3 percent at constant prices compared with 2017.
The oil and gas sector contributed 25.9 percent to GDP, while the retail and whole trade sector accounted for 11.2 percent, the financial sector represented 9.2 percent, manufacturing came in at 8.9 percent and building and construction sectors at 8.3 percent, according to FCSA.