The Central Bank of the Emirates raised its estimates of GDP growth to 7.6 percent by the end of the current year 2022, compared to its previous estimates of 6.5 percent. This is due to the strong performance of some non-oil sectors, including tourism, hospitality, real estate, transportation, and manufacturing.
In the quarterly review report for the third quarter of this year, the Central Bank expected non-oil GDP to grow by 6.1 percent in 2022, compared to 4.3 percent in its previous estimate, while the oil gross domestic product is expected to grow by 11 percent in 2022.
The report shows that the total real GDP continued to grow at a strong pace in the third quarter of this year after a strong increase in the first half of this year, driven by the increase in oil production, in addition to the remarkable improvement in the non-oil real GDP.
The UAE economy benefited from the removal of most of the restrictions related to the “Covid-19” pandemic, in addition to the recovery in the global travel and tourism sector, the boom in the real estate and construction sectors, the expansion of manufacturing activities, as well as global events.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
