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UAE announces 2005 GDP results..

A

Aimster

Lifer
Figures released today by the UAE's Ministry of Economy have shown that the country's GDP rose by 26.4% in 2005, according to a state news agency report. At current prices, the GDP stood at $132.1bn, as opposed to $104.9bn the previous year. The contribution of the non oil sector rose by 18.6% and it provided 64.3%, or almost two thirds, of the entire GDP.

In under a decade they have managed to almost rid their dependence on oil.
 
Originally posted by: Aimster
Figures released today by the UAE's Ministry of Economy have shown that the country's GDP rose by 26.4% in 2005, according to a state news agency report. At current prices, the GDP stood at $132.1bn, as opposed to $104.9bn the previous year. The contribution of the non oil sector rose by 18.6% and it provided 64.3%, or almost two thirds, of the entire GDP.

In under a decade they have managed to almost rid their dependence on oil.
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I would say that 35% of a countries income being dependent on oil exports is nowhere near ridding themselves of their dependence on oil.

-Max
 
Yeah, they've diversified their economy in 10 years but it's not like they are running on nothing but solar and wind power over there.
 
Originally posted by: Queasy
Yeah, they've diversified their economy in 10 years but it's not like they are running on nothing but solar and wind power over there.
Click to expand...

He doesn't mean they've gotten rid of their dependence on oil as an energy source, he means they've gotten rid of their depenedence on it for a source of money. UAE is unique in the Middle East in its foresight - they realize they won't have oil forever, so they're using it to prepare for when they don't have it.
 
What's amazing is that ten years ago, Americans didnt even know where UAE was. I used to always say that I live in a country near Saudi Arabia for them to know which part of the world I talking about.. Kudos to the government for actually putting the country on the map...
 
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