The UAE Central Bank raised its estimates of real GDP growth to 4.2 percent during the next year 2023, compared to its previous forecast of 3.3 percent. It is estimated that the economic recovery is gaining steady momentum, as a result of supportive macroeconomic policies, and an early and robust response to the financial and economic challenges arising from the “Covid 19” pandemic and its repercussions.
In its annual report for 2021, the Central Bank estimated non-oil GDP growth of 3.9 percent in 2023, compared to 3.3 percent in its previous estimates. The oil GDP is expected to grow by 5% in 2023, compared to 3.4% in its previous forecast. The "Central Bank" had expected real GDP growth by 5.4 percent in 2022, after it grew by 3.8 percent last year in 2021.
Non-oil GDP growth rose to 5.3 percent in 2021, with expectations to reach 4.3 percent in 2022 in light of sustainable public spending, positive expectations for credit growth, and improving business sentiment. Oil GDP is expected to grow by 8 percent in 2022 due to the expected recovery in global demand, as well as the recovery in transport and travel and the increase in production by OPEC members.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
