|Abu Dhabi GDP Up at least 17% in 08 |
By Stanley Carvalho
November 10, 2008
Top Performer: Economic growth of 17% puts Abu Dhabi at the top of international
league tables. (Getty Images)Abu Dhabi's economy is expected to grow at least 17
percent in current prices in 2008 despite falling oil prices, a top planning
official said on Sunday.
Abu Dhabi's gross domestic product amounted to $108.9 billion in 2007, up 17
percent at current prices over the previous year, said Mohammed Omar Abdullah,
under-secretary at the emirate's Department of Planning & Economy.
"We will notice further increase in the GDP this year - similar or more - at
current prices because of the strong economy," he told reporters during a
conference organised by London-based MEED magazine.
"The volatility of oil prices is always considered and the economy has passed
similar situations before. There will be no major adverse impact on our target," he said.
The non-oil sector is also increasing its contribution to the emirate's GDP, he
said without being more specific.
Asked if Abu Dhabi would maintain its positive GDP growth in 2009 also, Abdullah
said it is too early to make a forecast. "We can make a forecast for 2009
towards end of December," he said. (Reuters)