SEDD reveals economic performance report for 2008

The report contains detailed information on the 'formal' and 'actual' economic growth of Sharjah, monetary value, relative value, distribution of Gross Domestic Product (GDP) based on business sectors, fixed capital formation for product sectors during that period, and the salaries and payments of workers as per sector.

According to the report, 'formal' economic growth reached its highest margins since 2006, recording 10.2%, an increase of Dhs4580m over 2005. Economic growth continued to rise by 20.8% in 2007 with an increased value of Dhs10276m that year, and 20.6% in 2008, an increase of Dhs12312m over 2007. Sharjah's 'actual' economic growth came to 9.3% (after excluding 11.3% for inflation) compared to the formal growth rate of 20.6%.

The report also discussed the GDP according to the monetary value of the different sectors, with conversion industries recording Dhs12197m, the property and business services sectors at Dhs9024m, and the retail and wholesale and maintenance industries recording a monetary value of Dhs6764m.

Regarding the relative value of economic sectors for the GDP in 2007-2008, the report shows that the conversion industries sector had the highest added value among the various sectors. It contributed to the GDP by 21% in 2008 against 20% in 2007, the property and business services sector added 14% in 2008, a decline from 2007's 15%, while the construction sector added 11% in 2008, as it did in 2007. The retail, wholesale and maintenance sectors came in with a value of 12% in 2008 against 11% in 2007.

The report also discussed sector classification of GDP for 2007-2008, with capital goods sectors topping the product and service sectors, recording a value of Dhs33664m in 2008 (46.8% of total GDP in 2008), an increase of Dhs5512m over 2007's Dhs28152, and boasting a growth rate of 19.6%.

Next it tackled the fixed capital formation for GDP in 2007-2008, recording a percentage rate of 30.3% in 2007 and 36.1% in 2008. The fixed capital formation amounted to Dhs259.89m in 2008 against Dhs18076m in 2007, with a increase of Dhs7913m and a growth rate of 44%.

Here, the conversion industries sector had the highest GDP added value in 2007-2008, recording a monetary value of Dhs3613 and 5195m for 2007 and 2008 respectively, with an increase of Dhs1582m between 2007 and 2008. These numbers reflect the vital role of this sector in creating and developing fixed capital formation year after year. The property and business sector came second with a monetary value of Dhs2839 in 2007 and Dhs4082m in 2008, an increase of Dhs1243m.

Finally, the report detailed the influence of workers and salaries on the GDP for the period 2007-2008. In 2008, the number of workers in different economic sectors in the emirate of Sharjah came to 466006 compared to 436109 in 2007, with total salaries of Dhs25758m compared to 2007's Dhs21122m, a monthly salary of Dhs4606 per worker in 2008 compared to Dhs4036 per worker in 2007, and an average of Dhs55274 in relation to 2007's average of Dhs195266.

According to the average salary per worker, the raw petroleum and natural gas sector had the highest salary value at Dhs221784 per year, followed by capital projects with Dhs207356 per year, and government services at Dhs180408 per year - the same performance as in 2007.