UAE Oil Reliance at Multi-Year High Despite Lower Production
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Oil’s share in the United Arab Emirates’ economy last year spiked to the highest since 2016 even though crude production fell around 18% on an annual basis, a federal-bond prospectus showed Monday.
Oil accounted for about 29% of gross domestic product in 2020, compared with 25% during the previous year. While the reason for the rise is unclear, the spread of Covid-19 last year took a toll on many of the country’s businesses, with private-sector activity dropping to an all-time low.