UAE GDP grew by $23bn in 2012, says report
UAE GDP reached $375bn last year - up 6.5% on 2011
The UAE maintained its position as the second largest Arab economy in 2012 after its gross domestic product (GDP) swelled by $23bn in current prices, according to a report.
The report by the Washington-based Institute for International Finance (IIF) showed the UAE has remained the second largest Arab economy after Saudi Arabia for more than 10 years because of a steady and rapid growth in its GDP as a result of high public spending, a surge in oil prices and a steady increase in private sector investment.
The report showed the UAE's GDP grew to its highest ever level of around $375bn in current prices last year from $352bn in 2011, an increase of about 6.5%. The 2012 GDP was more than double its level of nearly $181bn in 2006.
IIF, which groups major banks in Western countries, said Saudi Arabia remained the largest economy in the region with a GDP of around $640bn in 2012 mainly because of its massive oil output which reached one of its highest annual averages of 9.8 million bpd last year.
The report showed the UAE's economy accounted for more than a quarter of the GCC’s GDP of $1.482 trillion in 2012 and nearly 14% of the combined GDP of MENA countries.
Egypt emerged as the third largest Arab economy with a GDP of around $257bn, followed by Algeria with $197bn, Qatar with $182bn and Kuwait with around $178bn.
Despite the massive increase in its population over the past years, the UAE maintained its position as one of the richest nations and the third in the Arab region, with its per capita reaching one of its highest levels of $45,731 in 2012, according to IIF, which ranked Qatar and Kuwait in the first and second wealthiest Arab countries.
IIF expected the UAE economy to continue its rise to reach $395bn in 2013 and $410bn in 2014.