UAE sees further economic growth

The economy in the United Arab Emirates (UAE) is continuing to experience a high rate of growth, according to new figures.

Data from the country's economy ministry revealed that gross domestic product (GDP) went up by more than 5% last year, reports the Economic Times.

Considerable growth was recorded in the non-oil sector, which went up by 16.8% to £70.3 billion.

This constituted nearly two-thirds of the UAE's overall GDP in 2007, which is indicative of its recent efforts to diversify its economy away from oil.

According to the government department behind the figures, becoming less reliant on the fossil fuel has helped to insulate the country from volatility in the world oil market.

This comes after Ian Scott of the Dubai Department of Tourism and Commerce Marketing the UAE's reduced dependency on oil has been "instrumental" in fuelling continued economic growth.

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