Abu Dhabi-Mubasher: The UAE gross domestic product (GDP) growth is expected to grow 3% and 3.5% in 2015 and 2016 respectively despite global challenges of oil prices plunge and volatile economy, according to economy minister Sultan bin Saeed al-Mansouri.
The figure for 2015 was below the 4% estimated by the UAE central bank for the year back in July.
On the sidelines of the 3rd UAE Economic Outlook Forum 2016 in Abu Dhabi, he added that the real GDP grew 4.6 in 2014 to reach AED 1.47 billion at current prices.
The UAE was successful in moving the economy from its full reliance on oil, which now represents only 30% of the country’s GDP, to a diversified financial system that is focused on the that industrial market which maintains a high contribution rate in the GDP.
Al Mansoori added that the industrial sector’s contribution to GDP is approximately 14% and expected to reach 20% by 2025.
The small to medium businesses account for 60% of the UAE’s GDP excluding the oil sector. The country targets to increase this contribution to 70% of the Emirati GDP excluding the oil sector by 2021.
