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  • 29-09-14

    UAE economic growth expected to hit 5 percent in 2014

    (MENAFN) The UAE's diversification policy is playing an important role in maintaining the country's economic growth, which expected to stand at around 5 percent in 2014 due to both the hydrocarbon sector and the non-hydrocarbon sector, Emirates 24/7 reported.

    The UAE produces 3.5 per cent of the global crude oil and is ranked 7th in the world and 4th within the OPEC countries. In 2013, the hydrocarbon sector accounted for one-third of GDP and hydrocarbon exports were about one third of total exports, while oil accounted for almost 80 percent of the budget revenues in 2013.

    The agro food sector is gaining important in the UAE because of growing population, with the country accounting for 20 percent of the total food consumption of the GCC countries, and being the second largest consumer after the Saudi Arabia. However, the country is also ranked as the second largest food producer in GCC as well.

    Meanwhile, the retail sector is one of the fastest growing industries in the UAE due to increasing wealth, economic sustainability and strong domestic consumption.

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