Al-Zeyoudi: The National Program for Development of the Statistical System is a strategic step to develop a more efficient national statistical system
ABU DHABI, 23rd July, 2017 (WAM) – His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, confirmed that the approval by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, of the national program for developing the statistical system in the country embodies a forward-looking vision that places accurate and reliable data at the heart of economic decision-making, and establishes a new phase in the development of the national statistical system to ensure a more accurate and realistic measurement of various aspects of the UAE economy.
His Excellency said in a statement that modernizing statistical methodologies and keeping them in line with best international practices and standards will contribute to making economic indicators more clearly reflect the true size of the national economy and its actual growth rates, in line with the rapid structural transformations witnessed by the UAE and its advanced position among the most competitive and open economies in the world.
He added: “This step is of particular importance in vital economic sectors that are witnessing rapid growth, most notably foreign trade, logistics services, supply chains, the digital economy, and activities related to the country’s trade and investment system. More accurate and comprehensive data will contribute to providing a clearer picture of the performance of these sectors and their growing role in measuring the growth of the gross domestic product and enhancing the competitiveness of the national economy. It will provide a stronger basis for developing economic and trade policies and anticipating future growth opportunities, in a way that supports the country’s long-term development goals.”
His Excellency pointed out that this program represents an important strategic step towards developing a more modern and efficient national statistical system, through a comprehensive review of the country’s gross domestic product series, which enhances the accuracy of measuring economic performance and reflects more clearly the true size and diversity of the UAE economy and the momentum it is witnessing across various sectors. He explained that harmonizing national methodologies with the United Nations System of National Accounts will contribute to enhancing the reliability of official economic statistics and raising their quality in a way that supports future planning and economic policy-making efforts.
His Excellency stressed that the program emphasizes at the same time the importance of the national partnership between the Federal Center for Competitiveness and Statistics, local statistics centers, and federal data-providing entities, which consolidates the approach to institutional integration and ensures the provision of accurate and comprehensive economic data that reflects the evolving economic reality of the UAE and supports its ambitious development path over the coming decades.
He stated that the program also helps to develop the measurement of the economic contribution of activities related to foreign trade, supply chains, logistics services, payments movement and investment projects, providing a more accurate picture of the added value that these sectors generate for the national economy, monitoring emerging economic transformations and evaluating the impact of new initiatives and projects in a more comprehensive way, which enhances the efficiency of economic and trade policy-making and confirms the UAE’s position as a global center for trade, investment and business.
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