Gross domestic product (GDP) grew in nominal terms by 26.4 per cent to AED 485,000 million ($132,000 million) last year, according to the Economy & Planning Ministry’s recently-released released economic data report for 2005.

‘The non-oil sector surged by 18.6 per cent to AED 312,000 million ($84,000 million) in 2005 from AED 263,000 million ($72,000 million) in 2004, while its contribution to the GDP stood at 64.3 per cent last year,’ the report said.

The rise in average oil prices to $54 a barrel in 2005 from $36.1 a barrel in 2004 saw the oil sector’s contribution grow by 40 per cent to AED 174,000 million ($47,000 million) from AED 124,000 ($34,000 million).

‘In 2005, the federation carried out investment projects worth AED 94,000 million ($26 million). The investment ratio to GDP was 19.3 per cent a percentage that reflects the country’s care for investment with the aim of maintaining the development driving force,’ the report added.

A surplus of over AED 38,000 million ($10,000 million) was reported for the consolidated financial accounts; the trade balance surplus was AED 163,000 million ($44,000 million).