UAE in construction boom

The UAE economy grew 7.4% last year on the expansion of the manufacturing and construction sectors, as well as oil and gas, the Ministry of Economy said in a report last week.

Construction accounted for 8% of GDP.
Construction accounted for 8% of GDP.

The UAE economy grew 7.4% last year on the expansion of the manufacturing and construction sectors, as well as oil and gas, the Ministry of Economy said in a report last week.

Non-oil sectors accounted for 65% of the GDP of the second-largest Arab economy in 2007, while real GDP growth was just below the 7.8% forecast.

The UAE, the world's fifth-largest oil exporter, has been striving to diversify its economy away from a dependence on energy exports by pouring oil revenues into real estate, financial services and infrastructure.

The share of the manufacturing sector output rose to 13% last year from 12.2% in the same period in 2006, while the building and construction sector's share climbed to 8% from 7.5%.

"Activity in the real estate sector is considered as one of the prominent trends contributing to the country's economic development," the ministry said.

The economy is expected to expand by another 7.8% in 2008.

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