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Emirates News Agency – UAE GDP to grow 7.9% in 2022

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DUBAI, 25th June, 2023 (WAM) — Abdullah bin Touk Al Mari, Minister of Economy, said the preliminary estimate of the UAE’s Gross Domestic Product (GDP) for 2022, released by the Federal Center for Competition and Statistics, reaffirmed the The economic performance of the country and the positive growth rate it achieved exceeded expectations.

In 2022, the UAE’s GDP will total 1.62 trillion dirhams at constant prices, achieving a positive growth of 7.9%. At current prices, the GDP will total 1.86 trillion dirhams, an increase of more than 337 billion dirhams compared to 2021. Achieved 22.1% growth.

Al Mari said: “The UAE government is working hard thanks to the forward-looking vision of the wise leadership led by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the Instructions from His Highness Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to respond to global changes by adopting flexible economic policies, relying on speed and accuracy, adopting stimulus economic strategies and forward-looking economic plans , building an innovative economic model serving its vision for the future based on economic diversification and improving economic procedures and legislation.”

“This upholds the country’s position as an environment that continues to attract investment and promotes foreign trade and openness as an integral part of international economic relations. The success and integration of these policies also raises the requirements for sustainable development and the realization of an economy that contributes to the prosperity and a decent life for all citizens and residents of the country, and contribute to the UAE’s leadership and competitiveness at the regional and international levels.”

FCSC Director Hanan Ahli said the results and data achieved underscore the continued growth of the UAE economy, both at the aggregate level and at the level of key economic sectors and activities, which has contributed to strengthening the economy by increasing the share of non-oil activities in the national economy. relative importance to implementing a diversification policy.

“Despite an annual increase in population, the UAE’s GDP per capita has grown at an unprecedented rate of 24.7% over the past six years, and GDP per capita in 2022 will be 21.1% higher than in 2021, again demonstrating the success of the economic policies the government is pursuing. achieve prosperity and improve the quality of life in UAE society,” she added.

Innovative economic initiatives related to non-oil sectors and activities have positively contributed to increasing the growth of the UAE’s Gross Domestic Product (GDP) in 2022, reaching AED 1.632 trillion at constant prices, with non-oil GDP GDP reached AED 1.174 trillion, achieving positive growth. Growth in all important sectors.

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