By IANS,
Abu Dhabi : The gross domestic product (GDP) of the United Arab Emirates (UAE) grew by 5.2 percent in 2007, according to the latest figures released by the UAE’s ministry of economy.
The country’s economy also expanded to 729.7 billion dirhams ($198.6 bilion) in 2007, the official Emirates News Agency (WAM) reported citing the figures.
GDP in the non-oil sector grew by 16.8 percent, touching 467.9 billion dirhams ($127.4 billion). This accounted for 64.1 percent of the total GDP during 2007.
Investment spending in 2007 reached 148.5 billion dirhams ($40.4 billion), up 22.6 percent from 121 billion dirhams ($32.9 billion) in 2006.
The ministry’s report also mentioned UAE’s efforts to diversify its economy in order to avert fluctuations in the world oil market.
It, however, stated that continued rise in oil prices contributed substantially to the country’s revenues and eventual surplus budget.