CBUAE’s Annual Report for 2021 underlines the UAE’s continued economic recovery and increase financial sector resilience

CBUAE’s Annual Report for 2021 underlines the UAE’s continued economic recovery and increase financial sector resilience

The report highlights the results achieved at the UAE’s economic activity level which has begun to flourish again as a result of the country's success in containing the health and economic impacts of the pandemic. The real GDP growth jumped to 3.8% in 2021, and is expected to reach 5.4% in 2022, while the non-oil GDP growth rose to 5.3% in 2021.

Outlooks also show that the current account surplus in the balance of payments increased from AED 77.5 billion in 2020 to AED 176.2 billion in 2021, as a result of the increase in oil and non-oil exports, in addition to a rise in the surplus in the balance of services. The banking system in the UAE continued to enjoy a good level of capitalization and liquidity. Equity, liquid assets and other indicators reflect the improvement of liquidity conditions in the market.

These results support CBUAE's outlook, which indicates that the UAE economic recovery is gaining steady momentum, as a result of the early and strong response to the various challenges and their repercussions, the supportive macroeconomic policies, appropriate decisions and the leadership of the CBUAE Board of Directors, chaired by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister