The Central Bank of the Emirates revealed that the total real GDP increased during the first quarter of this year by 8.2% on an annual basis, which, according to the Central Bank, represents a strong performance of the total real GDP of the UAE during the first quarter of this year.
The central bank attributed the strong performance to the increase in oil production, as well as the noticeable improvement in real non-oil GDP, expecting real GDP to grow by 5.4 percent and 4.2 percent in 2022 and 2023, respectively. He indicated that estimates indicate that the hydrocarbon GDP increased on an annual basis by 13% during the first quarter of this year. In line with the “OPEC Plus” agreements, it is expected that the oil GDP will grow by 8 and 5 percent in 2022 and 2023, respectively. While it is estimated that the non-oil GDP will increase by 4.3 and 3.9 percent in 2022 and 2023, respectively.
The Bank showed that estimates indicate that the non-hydrocarbon sector increased by 6.1% on an annual basis during the first quarter of this year, benefiting from the removal of many restrictions related to Corona’s procedures and the recovery of global travel activity.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
