Abu Dhabi-Mubasher: The UAE’s national economy made a quantum leap and big achievements, in line with the general development witnessed at all levels, said Minister of Economy Sultan Bin Saeed Al Mansoori.
On the sidelines of celebrations held for the UAE's 44th National Day, he added that the economy continues to maintain its balanced growth, enhance its competitiveness, as well as facing various challenges resulted from the oil price drop.
The UAE started to reap the benefits of its economic diversification policy as it has successfully managed to make transition towards a economy that is less reliant on oil.
Oil represented 30% of the country’s GDP, yet this percentage is in a steady decline in parallel with an increase in the contribution of non-oil sectors led by the industrial.
The UAE's diversification policy was a big buffer against falling oil prices, he said, adding that he IMF previously described UAE economy as the Arab world's second largest.
IMF said in a previous report that the UAE’s economy is growing at a pace of 3% that is double the Eurozone’s economy growth estimates of 1.5%.
He went on to say that the country’s economy has an exceptional position when compared to that of developed countries worldwide.
