Ras Al Khaimah’s economy achieved GDP growth of 4.2 per cent to reach nearly AED27 billion in 2014, compared with AED 25.9bn in the previous year, reveals a senior official.
Dr Taleb Al Hayali, Director of Department of Studies and Statistics acting in the Department of Economic Development in Ras Al Khaimah, reported that most of the sectors and activities witnessed strong growth in 2014, Al Bayan reports.
He pointed out that the GDP estimates showed that the extractive and manufacturing sector contributed 34 per cent to the GDP. The construction and real estate services sector and the tourism sector also contributed 14 per cent and ten per cent respectively, while the wholesale and retail trade and repairing services contributed by 12 per cent.
Al Hayali added that the investment objective of Gross Fixed Capital Formation (GFCF) amounted to AED 8.4bn in 2014 compared with AED7.7bn in 2013, an increase of 8.7 per cent.
He said that the mining and manufacturing sector accounted for roughly AED4.3bn or 50 per cent of the total investments in the emirate.
Investments in the manufacturing industry comprised 42 per cent of total investments followed by ventures in areas of real estate and the tourism sector, he added.