ABU DHABI, JAN 3, 2001 (WAM)--The UAE's gross domestic product (GDP) grew 14 per cent in 2000 on the back of increased oil prices, according to a study by the Emirates Industrial Bank. According to the EIB report, GDP reached Dh 217 billion in 2000, up from Dh 174 billion in 1999, according to reports in the UAE's dailies. The 14 per cent increase, not seen since the last oil boom in the 1980s, comes largely because of increased revenues from crude, which represented 38 per cent of GDP in 2000 as against 27.5 the previous year, the bank said. The EIB report said oil revenues in 2000 reached Dh 83 billion against Dh 48 billion in 1999. The non-oil sector grew 6.3 per cent to Dh 134 billion from Dh 126 billion, although its contributioin to the overall GDP fell from 72.5 per cent to 62 per cent, the reports said. UAE exports of petrochemicals and aluminium grew 7 per cent to Dh 24.5 billion. Some non-oil sectors recorded relatively high growth rates, with manufacturing going up by 14.3 per cent to Dh 24 billion, contributing 11 per cent to the overall GDP. The commercial sector contributed 11.3 per cent. The year 2001 is expected to bring about good economic growth for the UAE after last year's improvement in oil revenues and overall economic sectors, the reports said. WAM-VV
