United Arab Emirates: 2002 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Arab Emirates

International Monetary Fund

No 2003/066, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2002 Article IV Consultation highlights that despite lower oil revenue, the United Arab Emirates economy performed relatively well in 2001. The external current account surplus remained large, even though average oil prices declined by 12.6 percent to US$23.78 per barrel, leading to a loss in oil export receipts equivalent to 5 percent of GDP. Real GDP grew by about 4 percent, as a number of projects were launched in construction, electricity and water, and downstream oil sectors.

Keywords: ISCR; CR; government; economy; government approval; U.A.E. economy; a number of government operation; economy well; revenue base; emirate government; Foreign assets; Oil prices; Commercial banks; Income; Oil; Global; Middle East (search for similar items in EconPapers)
Pages: 46
Date: 2003-03-12
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