The United Arab Emirates revised up its 2006 economic growth rate to 9.4 percent on faster expansion in the oil and gas sector, the economy ministry said. The second-largest Arab economy expanded to 391.16 billion dirhams ($106.5 billion) last year, from 357.59 billion dirhams in 2005, according to the latest data published on the Ministry of Economy Web site.
The ministry said in March real gross domestic product grew 8.9 percent last year. The ministry revised the growth rate to account for higher growth in the oil and gas output, which accounts for 25.9 percent of GDP. The value of petroleum sector output grew 6.5 percent to 101.31 billion dirhams, the ministry said, compared with the 99.9 billion dirham figure released in March.
"You're not going to see a growth rate that fast in the oil sector this year," said Giyas Gokkent, head of economic research at the National Bank of Abu Dhabi.
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