United Arab Emirates: 2004 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Arab Emirates

Volume/Issue: Volume 2004 Issue 175

Publication date: June 2004

ISBN: 9781451801118

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Economics- Macroeconomics , Public Finance , Business and Financial , ISCR , CR , government , authority , U , A , E , authorities , private sector , economy , economy well , government of Abu Dhabi , economic development strategy , prudent approach , CFT regime , Oil , Oil prices , Exports , Foreign assets , Global , Middle East , North Africa , Central Asia , East Africa

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Summary

This 2004 Article IV Consultation highlights that the macroeconomic performance of United Arab Emirates is estimated to have been strong in 2003, reflecting favorable developments in the oil market, higher oil production, and prices. Nonhydrocarbon real GDP growth is estimated to have remained robust at about 5 percent, one of the highest in the Gulf Cooperation Council area. Several projects were launched in 2003 in the areas of construction, upstream gas, and downstream oil services. Progress in introducing structural reforms has varied among the Emirates.