(MENAFN- Khaleej Times) Ajman's real gross domestic product, or GDP, increased by four per cent, placing the emirate's growth rate close to the UAE's overall rate of 4.4 per cent in 2012, according to the report issued in Arabic and English languages by the Department of Economic Development, or DED, in Ajman.
The report refers to the economic indicators in the Emirate of Ajman in 2012 compared to the previous years to document the development in the emirate as per official statistics.
Shaikh Ahmed bin Humaid, chairman of Ajman's DED, said: "The economy of the Emirate of Ajman has so far avoided the repercussions of the global financial crisis."
He commended the efforts exerted by the DED in Ajman in the implementation of the directives by His Highness Shaikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, and the follow-up from Shaikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman.
The report shows that the number of occupied hotel rooms in Ajman, a measure of tourist activity in the emirate, increased from 186,500 in 2009 to 602,033 last year.
The emirate boasted nine hotels in 2005, but now has 27.
The revenue of Ajman hotels grew at an average rate of 14 per cent annually across the period.
But tourism accounts for less than six per cent of the Ajman economy, compared to the 37 per cent share of the local economy constituted by the manufacturing industry.
The report said that food prices increased by 8.51 per cent, contributing significantly to overall inflation of 3.5 per cent.
Meanwhile, employment in Ajman banks was at 48 per cent for Emiratis, suggesting the successful implemenation of the Emiratisation process
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