The UAE Central Bank expected gross domestic product growth of 4.2 percent this year, with a growth of 3.9 percent for non-oil output. In the quarterly review for the third quarter, the Central Bank revealed that the GDP growth for the year 2021 reached 2.1 percent, while the growth of non-oil output reached 3.8 percent.
The Central Bank maintained its forecast for the UAE’s oil GDP growth rate of 5% in 2022, after a contraction that was expected to be 2% in 2021. The Central Bank indicated that the inflation rate in the UAE turned to the positive level in the third quarter for the first time since the fourth quarter of 2018, at 0.6 percent, and it was expected that 2021 will record constant inflation throughout the year.
In addition, the non-oil private sector activity in the UAE achieved strong growth in December for the thirteenth consecutive month. The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI) remained positive (above 50) near its two-and-a-half year high, declining slightly in December to 55.6 from 55.9 in November.
Source (Emirati Gulf Newspaper, Edited)
