Abu Dhabi maintained its position as the largest economy in the UAE while Dubai recorded the highest growth during 2001-07.
The report gave no figures for 2008 but in 2007, Abu Dhabi’s GDP stood at around Dh400bn, nearly 55 per cent of the UAE’s economy. Dubai had the second largest GDP of Dh226.6bn, nearly 31 per cent but it recorded the highest growth of about three per cent during that period. Sharjah was the third largest economy in the UAE in 2007, followed by Ras Al Khaimah, Ajman, Fujeirah and Umm Al Quwain.
The surge in the UAE’s economy, which was one of the smallest in the Middle East two decades ago, maintained its position last year as having the second largest GDP in the region after that of Saudi Arabia.
Economists believe the status will be maintained this year despite an expected economic slowdown.
Although the UAE’s population is recording one of the world’s highest growth rates of around seven per cent in the past decade, its per capita income has maintained its momentum thanks to the rapid GDP growth.
The report showed oil and gas earnings accounted for an average 75 per cent of the UAE’s total revenue during 2001-2008.