77.7% contribution of non-oil sectors to UAE production

The UAE economy achieved 8 gains thanks to the diversification policy of the national economy. here the end of 2017, The mainstay of this rational approach, aiming to prepare the after-oil. The indicators of success of economic diversification show an increase in the contribution of the non-oil sectors to current production to 77.7% in 2017 against 42.9% in 1975, contrary to the contribution of the oil sectors in the current production of 57 , 1% in 1975 to 22.3% in 2017

The success achieved by the state in diversifying the economic base is based on many elements, namely increasing the contribution of the private sector global development in general and the development of high value-added economic sectors in particular. The list of sectors that contributed to the UAE's increased economic diversification gains included manufacturing industries, knowledge-based industries, aerospace industry, transportation, storage, financial services, tourism, transportation and related industries. new and renewable energies and other sectors.

Economists agree that the development of these sectors has played an important role in creating an environment conducive to the attraction of foreign direct investment and promoting innovation at all levels, which has led to the creation of industrial zones and free zones. And develop the legislative and regulatory structure in general.

The numerical reading of the UAE's gains in diversification of the economic base indicates a change in gross domestic product at current prices from AED 58.3 billion in 1975 to AED 1.4 billion in 2017. The contribution of the non-oil sector to current production is 1.09 billion AED compared to 25 billion LBP AED during the same monitoring period. At constant-price gross domestic product, it rose from 77.5 billion dirhams in 1975 to 1.42 billion dirhams in 2017. The share of non-oil sectors in fixed prices rose from 32.2 billion dirhams dirhams to 1,003 billion dirhams during the same period. The contribution of the non-oil sectors to gross product at constant prices increased from 41.5% in 1975 to 70.5% in 2017. On the other hand, the contribution of the oil sectors to gross output decreased at constant prices of 58%. 5% in 1975 to 29.5% in 2017.

Of the seven sectors that were the locomotive of economic diversification, wholesale and retail trade, repair of automobiles and motorcycles, financial activities, insurance, construction, manufacturing, public administration, defense, social security, real estate, transportation and storage accounted for

Economic diversification also played a role in the evolution of average per capita output at constant prices, from 13,800 dirhams 1975 to 155,600 dirhams in 2017 and from 10,400 dirhams to 15,300 dirhams at current prices.

Non-oil average per capita GDP at current prices doubled from about 44,800 dirhams in 1975 to 119,500 dirhams in 2017. It also doubled at constant prices, from AED 57,800 to 10,900. AED respectively. Inflation levels remained within acceptable limits during the period and reached 3.6% in 2017, down from 2015 and 2016.

Expectations

diversification is expected to generate more and more medium- and long-term success for the country and the non-oil GDP growth rate will reach 5% by 2021 and the contribution of the non-oil sectors to 80%. Thank you. Today's Arab visitors, browse our website If you have any questions regarding this news 77.7% Contribution of the non-oil sector to UAE production Please let us know or leave a comment below.
Source: Arabs Today