The Central Bank of the Emirates revealed that economic growth continued to recover in the second quarter of this year, supported by the global recovery in travel and the improvement in levels of domestic and global demand, indicating that the economic growth is close to returning to pre-pandemic levels, as the UAE succeeded in achieving leadership in containing the spread of the virus.
The central bank expected that the non-oil GDP growth of the UAE would rise by about 3.8 percent this year, and that the overall economic growth would reach 2.1 percent, compared to the 2.4 percent it had expected in the quarterly review for the first quarter of 2021.
It also raised the economic growth forecast to 3.9 percent next year, compared to 3.8 percent in the first quarter forecast, and raised the expectations of non-oil GDP growth from 3.9 percent previously to 4.2 percent in 2022. It also raised the growth forecast for oil output to 5 percent by 2022 after a contraction of about 6 percent in 2020 and 2 percent in the current year.
According to UAE central bank, the financial performance indicators stabilized in the second quarter, which witnessed an increase in the ratio of financing to stable resources by 77.5 percent at the end of the first quarter of this year to 77.7 percent by the end of the second quarter of 2021, while the liquid assets reached 18.3 percent of total liabilities, more than the regular minimum at 10 percent.
Source (Al Khaleej Newspaper-UAE, Edited)
