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

March 12, 2003

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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, (USA: International Monetary Fund, 2003) accessed November 21, 2024

Summary

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.

Subject: Commercial banks, Commodities, External position, Financial institutions, Foreign assets, Income, National accounts, Oil, Oil prices, Prices

Keywords: A number of government operation, Commercial banks, CR, Economy, Economy well, Emirate government, Foreign assets, Global, Government, Government approval, Income, ISCR, Middle East, Oil, Oil prices, Revenue base, U.A.E. economy

Publication Details

Pages:

46
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2003/066
Stock No:

1AREEA0022003
ISBN:

9781451801101
ISSN:

1934-7685

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