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Industry (% of GDP), according to World Development Indicators, measures the contribution of the industrial sector to a country's Gross Domestic Product (GDP). This metric reflects the economic significance of manufacturing, mining, construction, and utilities, indicating the value generated by industrial activities relative to the overall economy.
Key Takeaways
The UAE's industry sector has experienced notable fluctuations from 1990 to 2022, driven by its reliance on oil and diversification efforts. In the early 1990s, the sector's contribution peaked at 58.9% in 1990 but declined sharply to 46.8% by 1991, reflecting the impact of global oil price volatility. The late 1990s saw a further drop, reaching a low of 40% in 1998, coinciding with the Asian financial crisis and declining oil demand. However, recovery followed in the early 2000s, with contributions rebounding to 49.7% by 2001 as oil prices stabilized and infrastructure projects gained momentum.
The mid-2000s marked a period of growth, with the industry sector reaching 57.9% in 2006 and 58% in 2008, fueled by high oil prices and the construction boom. The global financial crisis of 2008 caused a dip to 52% in 2009, but the sector recovered to 57.1% by 2011 due to renewed investments in non-oil industries and infrastructure. Recent years highlight diversification efforts, with contributions to GDP stabilizing around 47.1% in 2021 and rising to 51.5% in 2022, supported by growth in manufacturing and renewable energy initiatives. These trends underscore the UAE's strategic balance between its oil legacy and economic diversification.
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