UAE’s GDP up 7.5% to AED 1.58 trln last year, says Al Mansouri

The United Arab Emirates’ gross domestic product (GDP) has risen by 7.5 percent to AED 1.58 trillion at the end of 2015, compared to AED 1.47 trillion at the end of 2014, according to UAE’s economy minister Sultan bin Saeed Al Mansouri, state news agency WAM reported.

Real GDP growth is estimated at three percent for 2015, he added.

According to the minister, the UAE government remains positive about the country’s economic outlook despite the fall in global oil prices. UAE’s diversification policy has helped neutralize the oil price decline, a fact that is clearly validated in the nation’s zero-deficit 2016 budget, he added.

Foreign direct investment (FDI) inflows has risen from AED 14.7 billion in 2009 to AED 43.5 billion in 2014, the minister said.