UAE GDP grows by 7.9%

The UAE’s GDP in 2022 at constant prices totalled AED1.62 trillion, achieving a positive growth of 7.9 percent…reports Asian Lite News

UAE Minister of Economy Abdullah bin Touq Al Marri said that the preliminary estimates of the UAE’s gross domestic product (GDP) for 2022, issued by the Federal Competitiveness and Statistics Centre, reaffirm the robustness of the country’s economic performance and its achievement of positive growth rates that exceeded estimates.

The UAE’s GDP in 2022 at constant prices totalled AED1.62 trillion, achieving a positive growth of 7.9 percent, while totalling AED1.86 trillion at current prices, an increase of more than AED337 billion compared to 2021, achieving a growth of 22.1 percent.

Al Marri said, “The government of the UAE is working, thanks to the forward-looking visions of its wise leadership, led by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to build an innovative economic model that serves its future vision, by adopting flexible economic policies that rely on speed and accuracy in responding to global changes, adopting stimulating economic strategies, and forward-looking economic plans based on economic diversification, and improving economic procedures and legislation.”

“This maintains the country’s position as an environment that attracts investments on an ongoing basis, and promotes foreign trade and openness as one of the components of international economic relations. The success and integration of these policies also enhances the requirements of sustainable development, achieving economic prosperity and a decent life for all citizens and residents of the country, and contributes to the UAE’s leadership and competitiveness at the regional and international levels,” he explained.

For her part, Hanan Ahli, Director of FCSC, said that the results and figures achieved emphasise the continuous growth of the UAE’s economy, whether at the general level or at the level of the main economic sectors and activities, which contributes to strengthening the economic diversification policy by increasing the relative importance of non-oil activities in the national economy.

“The UAE’s GDP per capita has grown during the past six years by an unprecedented rate of 24.7 percent despite the annual increase in the population, while the 2022 GDP per capita grew by 21.1 percent compared to 2021, which reaffirms the success of the economic policies pursued by the government in achieving prosperity and advancing the quality of life in the UAE society,” she added.

Innovative economic initiatives related to non-oil sectors and activities contributed positively to enhancing the growth of the UAE’s GDP during 2022, which totalled AED1.632 trillion at constant prices, while non-oil GDP at constant prices reached AED1.174 trillion, achieving positive growth in all vital sectors.

ALSO READ: UAE: Indian envoy highlights media’s role in serving nations