Al Mansouri: The growth of economic performance benefiting from the activities of the oil and non-oil sectors

30-03-2019 Media in\ Dubai
HE Sultan bin Saeed Al Mansouri, Minister of Economy, said that the preliminary estimates issued by the Federal Authority for Competitiveness and Statistics indicate the growth of the economic performance of the country based on growth in oil resources resulting from the rise in international oil prices on the one hand and growth in activities of non-oil sectors on the other hand. Al-Mansoori said in a statement that these results come in the light of economic and trade policy based on economic diversification and benefiting from all trade and investment opportunities that enhance the country’s economic revenues and contribute to achieving its leadership at the regional and international levels, pointing to the success and continuation of the country’s policies of economic diversification and expansion of production base The importance of activating initiatives and activities that would increase the dependence on non-oil sectors and enhance their contribution to the country’s GDP.
His Excellency pointed out the importance of the developments implemented by the federal and local government authorities and the participation of the private sector in improving the procedures, legislations and diversification of services, which preserves the country’s status as an attractive environment for continuous investments, enhancing foreign trade and openness to the world as one of the components of international economic relations and enhancing the success of these policies and their integration with the requirements of sustainable development. Economic prosperity and decent living for all citizens and residents of the State.
According to the preliminary estimates of the results of the National Accounts of the Federal Authority for Competitiveness and Statistics for the year 2018, the general results of preliminary estimates of the macroeconomic indicators of the state indicated that GDP growth of 1.73 percent in real prices in 2018 compared to 2017.
The data also show that the real GDP estimates for 2018 at the base prices of 2010 amounted to approximately AED 1442.5 billion at the level of the state, compared to approximately 1418 billion dirhams at the end of 2017.
On the level of economic diversification and the relative importance of economic activities in GDP, preliminary estimates indicate that the estimates of GDP at current prices of non-oil sectors amounted to approximately 1127.6 million dirhams with a growth rate of 2.9 percent at current prices and 1.3 percent at constant real prices. 2018 compared to 2017.
In terms of the contribution of the economic sectors to the current GDP, the data showed that the activities related to the extraction of crude oil and natural gas contributed about 25.9%, and the wholesale and retail trade activities contributed 11.2%. The contribution of financial services activities was 9.2% About 8.9 percent, building and construction activity 8.3 percent, while the public administration, defense and social security sector showed an increasing contribution to GDP of about 6.9 percent.
In terms of the growth rate of the activities and economic sectors of the GDP of 2018 compared to 2017, it was found that the oil activities achieved a positive growth of about 35.1%.
Non-oil economic activities showed a positive growth, with manufacturing activity growing by 7.8 percent. The Public Administration, Defense and Social Security sector grew by 5.6 percent, while the financial and insurance sector grew by 4.5 percent. Professional, scientific and technical activities also grew by 3.6 percent, administrative services and support services grew by 3.4 percent, and information and communications activity grew by 3 percent.
As for real prices, the highest growth rate was for agriculture and fisheries activity by 7.1 percent. Accommodation and food services accounted for 4.1 percent, real estate activities grew by 3.6 percent, extractive industries grew by 2.8 percent, and information and communications activity grew by 2.6 percent. This is due to the government’s policy of reducing production, taking advantage of the increase in oil resources resulting from the high increase in world oil prices and other sectors, which confirms the positive path to achieve the vision of the UAE 2021 and its strategy For the development of non-oil sectors and reducing dependence on oil.