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Essay text:
In terms of real
GDP, early estimates from MOE indicate that the UAE economy grew by 7.4% in 2007 to
reach AED420.2bn.
Oil prices continued to surge in 2007 with average oil prices increasing to US$69.1/b from
US$63.5/b recorded in 2006. However, there were production cuts from OPEC and heavy
maintenance work at the end of the year because of which oil production had come down
in 2007. As a result of the above, the total value contribution in absolute terms from this
sector is expected to have increased marginally by 9.4% to reach AED244.3bn in 2007 over
AED223.4bn recorded in 2006. However, non-oil sector recorded a higher growth and as
such the share of crude petroleum and natural gas in GDP came down to 35...
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