Abu Dhabi 2010 nominal GDP up 16%

Abu Dhabi's nominal economic output rose 15.9 per cent in 2010, after shrinking nearly a quarter in the previous year, helped by recovery in its key hydrocarbon sector, the Gulf Arab emirate's preliminary data showed on Sunday.    

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The United Arab Emirates member sits on 10 per cent of global oil reserves and accounts for 90 per cent of UAE oil output.    

With an oil price recovery in 2010, Abu Dhabi economy picked up speed again to see its nominal gross domestic product rise to Dh620.3 billion ($169bn), Abu Dhabi Statistics Centre's (Scad) yearbook showed.   

However, Abu Dhabi's GDP, which makes up 57 per cent of the UAE economy, is still below the Dh705.2bn seen in the oil and property-boom year of 2008.
 
"High oil prices and government stimulus spending should ensure relatively strong nominal GDP growth for 2011, alongside the 'safe haven' effect from the first quarter," said Liz Martins, senior Mena economist at HSBC in Dubai.    

"However, our PMI survey suggests that momentum may be on the wane in the private sector."

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