Complex Made Simple

Oil sector contributes only two per cent to Dubai’s GDP

Result of initiatives to reduce impact of oil prices and currency markets on emirate’s economy

The emirate of Dubai has succeeded in diversifying its economic activities over the past years, increasing the contribution of its non-oil sectors in the formation of real GDP, according to a report issued by Dubai Economic Council.

In 1981, the oil and gas sector used to account for 55 per cent of GDP, but since then, it has taken a steep downward trend to reach less than two per cent in 2014.

This achievement reflects the efforts taken by the UAE government over the past decades to diversify its economic base – a result of the many initiatives launched by the Government of Dubai, which aims to reduce the impact of oil prices and currency markets on the emirate’s economy, Al Bayan reports.

The report predicted that the lower oil prices would have limited impact on economic activity in the Emirate of Dubai, very much less than its impact on the rest of the oil-producing countries.