UAE economic growth to accelerate in 2022, 2023: Swiss bank

UAE economic growth to accelerate in 2022, 2023: Swiss bank

The UAE’s economic growth is projected to accelerate from 1.4 per cent in 2021 to 4.3 per cent in 2022 and 5.2 per cent next year, according to UBS’ latest report.

According to S&P Global’s PMI survey data, the UAE’s non-oil economy recorded strong expansion in March, underpinned by sustained strong output growth. — File photo

Published: Sun 24 Apr 2022, 4:55 PM

The UAE’s real GDP growth is projected to accelerate in 2022 and 2023, led by an expansion in domestic credit, current account surplus amidst high oil prices and growth in non-oil sectors, says a new study.

The UAE’s economic growth is projected to accelerate from 1.4 per cent in 2021 to 4.3 per cent in 2022 and 5.2 per cent next year, according to UBS’ latest report.

The Swiss bank’s growth forecast for the UAE economy is higher for 2022 and 2023 and lower for 2021 than the International Monetary Fund’s (IMF) prediction released last week. IMF said the UAE economy grew 2.3 per in 2021, but the growth will accelerate to 4.2 per cent in 2022 and slow down again to 3.8 per cent in 2023.

Non-oil economy expansion

According to S&P Global’s PMI survey data, the UAE’s non-oil economy recorded strong expansion