UAE Industrial Sector shows 11percent growth in 2011

The Industrial Sector in the UAE grew by 11percent in 2011 continuing to maintain its position as second largest component of GDP, following hydrocarbon sector, revealed a new study.

Such high growth was the result of public and private investment in manufacturing projects, and due to completion of first stage of Abu Dhabi-based Emirates Aluminium Project (Emal), revealed the Dubai-based Emirates Industrial Bank (EIB) study.

The contribution by the UAE’s manufacturing sector to overall GDP has grown from Dh.127.6bn in 2010 to Dh.141.7bn in 2011. Such growth in the manufacturing and other non-hydrocarbon sectors in the UAE have largely been due to increased domestic liquidity owing to surge in oil export earnings, EIB said in its economic bulletin.

Other non-oil sectors, including transport, and financial sectors, grew by 6 percent and 11 percent respectively.

EIB has not predicted the GDP growth figures for the current year, but IMF data cited in the report, said that the economy has almost completely recovered from the 2008 global distress, and gained stability in 2011 when compared to previous years.

The study revealed that the UAE GDP soared to an all time high of Dh.1.3trillion, as per the current prices, retaining its status as the second largest Arab economy.

Posted on 10/1/2012

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