United Arab Emirates: Recent Economic Developments
International Monetary Fund, Jan 7, 1999 - Business & Economics - 98 pages
This paper reviews economic developments in the United Arab Emirates during 1995–98. Real GDP growth accelerated from about 5 percent in 1994 to 8.1 percent in 1995 and to 10.1 percent in 1996. However, 1997 saw a marked slowdown in real GDP growth, to an estimated 2.1 percent, reflecting mainly a decline in oil sector GDP. Over the period 1993–96, there was strong growth in non-oil GDP averaging 9½ percent per year, boosted by an exceptionally good performance in 1994 (12 percent).
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Abu Dhabi Abu Dhabi National ADGAS ADNOC Appendix Table balance of payments bank’s banking system BCCI commercial banks companies crude oil declined deﬁcit deﬂator deposits domestic liquidity Dubai emirate governments employment exchange rate expatriate expatriate labor Federal Government fees and charges ﬁnance ﬁnancial ﬁrst ﬁscal foreign assets free trade zone free zone govemment Government Financial Operations growth hydrocarbon Includes increased industrial International Monetary Fund investment income Jebel Ali lending loans millions of U.A.E. Ministry of Planning Monetary natural gas non-oil exports non-oil GDP non-oil sector nonhydrocarbon revenues northern emirates ofﬁcial oil and gas oil export price oil sector OPEC overall percent in 1997 percent of GDP petroleum private sector production Ras Al-Khaimah ratio reexports reﬂecting rose salary share Sharj ah signiﬁcant signiﬁcantly Source subsidies and transfers tariffs U.A.E. Central Bank U.A.E. dirhams U.A.E. nationals U.S. dollar United Arab Emirates water and electricity