United Arab Emirates: 2002 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Arab Emirates
Volume/Issue:
Volume 2003
Issue 066
Publication date: March 2003
ISBN: 9781451801101
$20.00
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Topics covered in this book
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Business and Economics , Banks and Banking , Exports and Imports , Economics- Macroeconomics , ISCR , CR , government , economy , government approval , U , A , E , a number of government operation , economy well , revenue base , emirate government , Foreign assets , Oil prices , Commercial banks , Income , Oil , Global , Middle East
Summary
This 2002 Article IV Consultation highlights that despite lower oil revenue, the United Arab Emirates economy performed relatively well in 2001. The external current account surplus remained large, even though average oil prices declined by 12.6 percent to US$23.78 per barrel, leading to a loss in oil export receipts equivalent to 5 percent of GDP. Real GDP grew by about 4 percent, as a number of projects were launched in construction, electricity and water, and downstream oil sectors.
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