Economic growth increases in UAE

A report released by the Ministry of Planning on Sunday said that the GNP in the United Arab Emirates has increased by 10% in 1999, due to the improvement in oil prices.

The report quoted UAE Minister of Planning Sheikh Hameed Bin Ahmad al-Mu'alla as saying that the GNP has reached US $51.88 billion in comparison with US $47.14 billion in 1998.

The report expected a growth average from 7.1% for the current year and for the GNP to reach US $55.45 billion if oil prices remain high.

The trade balance has recorded a surplus of $3.65 billion US in 1999 in comparison to US $954 million in 1998.

But the report also expected the inflation rate to reach 2.5% in the year 2000 against 2% in 1999.