UAE posts Dh323.6 billion GDP in ’04

ABU DHABI — UAE’s gross domestic product (GDP) grew by 7.4 per cent in 2004 as the country recorded a Dh323.6 billion GDP against Dh301.3 billion in 2003, according to 2004 annual report of the UAE central bank.

By (WAM)

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Published: Tue 19 Jul 2005, 10:51 AM

Last updated: Thu 2 Apr 2015, 4:42 PM

The report issued yesterday said the UAE’s non-oil sector recorded a 9.4 per cent growth as the sector accounted for 71.7 per cent of the 2004 GDP, while the crude oil and natural gas sector rose from the Dh91.03 billion in 2003 to Dh93.63 billion in 2004, representing a growth of 2.9 per cent.

It said due to the high GDP growth at a rate higher than that of the population growth, the per capita income improved slightly in 2004 to reach Dh74, 900 compared to Dh74, 600 recorded in 2003.

The report said initial estimate of the balance of payment had shown that surplus had been achieved in the 2004 trade balance and the current account.

It said the trade balance surplus rose by 34 per cent, the current account surplus also surged by 71.3 per cent, compared to the one achieved in 2003, while the 2004 general balance achieved a surplus of Dh12.8 billion, compared to the Dh4.7billion recorded in 2003.

Monetary supply, the report said, rose by 38.7 per cent to reach Dh80.84 billion by the end of 2004, monetary assets also increased to Dh25.25 billion, representing a rise of 17.7 per cent, leading to sharp increase in local liquidity to Dh47.81 billion, which represents a rise of 23.8 per cent to reach Dh238.41 billion.

The report pointed out that net foreign assets had also appreciated by Dh15.39 billion, representing 11.3 per cent, net local credit also surged by Dh41.26 billion, representing 27.1 per cent, while capital, reserves and other various articles rose by Dh8.84 billion, representing 10.02 per cent.

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