The UAE Central Bank revealed on Tuesday that the economy of the United Arab Emirates achieved significant growth in 2001.
In its annual report, released earlier this week, the Central Bank announced that GDP had shown a 1.3% increase over the previous year, coming in at around Dh217 billion.
Although the contribution to the economy made by the crude oil and natural gas sector declined 6.5% due to a fall in oil prices, and the commodities sector showed a decline to Dh112 billion, the financial projects sector, the service industry, and the region's hospitality sector all grew last year, despite the September 11 attacks and global economic slowdown.
The financial projects sector was notable in that it performed exceptionally well in 2001, growing 13.6% to contribute Dh16.1 billion of GDP.
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