The UAE's nominal GDP is expected to surpass its 2008 peak of $254.4 billion (Dh934 billion) to $255.1 billion next year while the overall GCC will also see nominal GDP reaching highest ever $1.1 trillion next year, according to latest figures by International Monetary Fund.
The statistics showed that nominal GDP is projected to increase for second consecutive this year to $239.6 billion from $223.9 billion last year, an increase of seven per cent due to rising oil prices.
IMF estimates of the UAE's nominal GDP are higher than the Dh843bn reckoned recently by the Dubai Chamber of Commerce and Industry.
The Economist Intelligence Unit recently projected that the UAE's nominal GDP will reach Dh1 trillion in 2010, growing by 9.3 per cent from Dh914.3 billion last year.
The report reiterated that the UAE’s GDP is like to rebound this year after contracting in 2009. It is expected to grow 2.4 per cent this year and increase further 3.2 per cent next year. Overall GCC growth will jump from meager 0.4 per cent in 2009 to 4.5 per cent this year and 5.9 per cent in 2011.
It also projected that UAE non-oil GDP growth will maintain steady upward growth this year and the next. It grew 1.8 per cent in 2009 and expected to expand 2.1 per cent and 3.1 per cent in 2010 and 2011, respectively.
IMF projected that the UAE’s oil productions will continue steadily increase in 2010 and 2011 to 2.4 million and 2.5 million barrels per day, respectively. The UAE is the second largest oil producer in the Gulf region after Saudi Arabia. IMF statistics also showed that Iraq could overtake UAE next year with oil output reaching 2.8 million barrels per day.
Inflation in the emirate, the second lowest in the Gulf after Bahrian, will also continue rising in 2010 and 2010 to 2.0 per cent and 2.5 per cent, respectively, according to IMF estimates.