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UAE's economic diversification tops GCC nations
(MENAFN) The UAE economy is one of the most diversified among the GCC members and will record 3.1 percent net domestic product (GDP) growth this year in spite of lower oil prices, based on the latest experts' data.
The economic experts note that more than 60 percent of the country's budget revenues still depend on non-oil sector development, let alone that UAE's hydrocarbon incomes account only for 25 percent of GDP.
On a wider scale, GCC countries projects to develop by 3.2 percent in 2015 and 3.1 percent in 2016, higher than many emerging and advanced economies, and Saudi Arabia specifically is anticipated to grow by 2.5 percent.
"Though the GCC economies are still reliant on the hydrocarbon sector as its main source of fiscal revenues, in the past decade, nations have decided to replace their growth model by economic diversification," said a chief economist.
The economic experts note that more than 60 percent of the country's budget revenues still depend on non-oil sector development, let alone that UAE's hydrocarbon incomes account only for 25 percent of GDP.
On a wider scale, GCC countries projects to develop by 3.2 percent in 2015 and 3.1 percent in 2016, higher than many emerging and advanced economies, and Saudi Arabia specifically is anticipated to grow by 2.5 percent.
"Though the GCC economies are still reliant on the hydrocarbon sector as its main source of fiscal revenues, in the past decade, nations have decided to replace their growth model by economic diversification," said a chief economist.
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