According to the International Monetary Fund (IMF), strong crude prices, coupled with high output boosted the UAE’s nominal GDP by nearly US$ 62 billion in 2011, allowing it to sustain its position as the second largest Arab economy.
In fact, oil prices averaged a record high of nearly US$ 110 per barrel in 2011 while the UAE pumped around 2.6 million barrels per day, one of its highest crude production levels since it began exporting oil five decades ago. Given its heavy reliance on oil exports, higher prices and output expanded the UAE’s GDP by US$ 62 billion or around 20.8%, to push it to a record high of US$ 360 billion in 2011 from US$ 298 billion in 2010. The surge meant that the UAE maintained its position as the largest Arab economy after Saudi Arabia and also had the second highest GDP per capita in the Middle East after Qatar.
The Mena Weekly Monitor, Bank Audi
23 May
