Abu Dhabi, UAE – The UAE’s real GDP growth accelerated during 2022 due to a robust recovery in non-oil GDP and a sizable expansion of oil GDP, according to the Financial Stability Report for 2022 released today by the Central Bank of the UAE (CBUAE).
The report noted that this comes at a time when the global economy experienced a slowdown in 2022, with external risks remaining elevated in an environment characterised by higher inflation, tightening financial conditions and continued geopolitical tensions.
The UAE, the report said, was one of the fastest-growing economies in 2022, boosted by the removal of most COVID-19-related restrictions, a recovery in global travel and the tourism, real estate and construction and manufacturing sectors, as well as increased activity associated with global events such as the Dubai EXPO and FIFA World Cup in Qatar.
“The UAE real GDP increased by 7.9 percent in 2022, compared to 4.4 percent in 2021. This growth is the result of a 7.2 percent increase in non-oil sector GDP and a 9.5 percent expansion in oil-sector GDP,” the report added.