Dubai, UAE — The UAE’s gross domestic product (GDP) grew by 7.9 percent in 2022, exceeding the estimates and driven by strong performance in the non-oil sector, said the preliminary estimates released by the Federal Competitiveness and Statistics Centre (FCSC).
The UAE’s GDP at constant prices totaled AED1.62 trillion in 2022, while non-oil GDP at constant prices reached AED1.174 trillion.
The UAE’s non-oil sector contribution to the GDP amounted to 72.3 percent in 2021, up from 71.3 percent in 2020, data by the Federal Competitiveness and Statistics Center, revealed earlier this year.
The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8 percent respectively, during the reference period.
Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government’s forward-looking economic policies, which have helped to attract investment and promote foreign trade. He also noted that the UAE’s GDP per capita has grown by an unprecedented rate of 24.7 percent in the past six years.
FCSC Director Hanan Ahli said that the results and figures achieved emphasize the continuous growth of the UAE’s economy, and that the innovative economic initiatives related to non-oil sectors and activities have contributed positively to this growth.
The strong GDP growth in 2022 is a positive sign for the UAE economy, and it suggests that the country is well-positioned for continued growth in the years to come. The UAE’s GDP per capita is now the highest in the GCC region.