UAE GDP grows 3.8% in 2021, to reach 5.4% in 2022: Central Bank

UAE GDP grows 3.8% in 2021, to reach 5.4% in 2022: Central Bank

Abu Dhabi: GDP growth in the UAE jumped to 3.8 per cent in 2021, the UAE Central Bank said on Monday, while non-oil GDP growth rose to 5.3 per cent in 2021. Releasing its annual report for 2021, the regulator said the country has begun to flourish again as a result of its successful strategy in containing the health and economic impact of the COVID-19 pandemic. For 2022, the Central Bank revised its projections to 5.4 per cent of overall real GDP growth, with the non-oil real GDP expected to increase by 4.3 per cent, owing to sustained public spending, a positive outlook for credit growth, higher employment and better business sentiment, in addition to the positive spillover from the Fifa World Cup 2022 in Qatar. Meanwhile, real oil GDP growth is projected to reach 8 per cent, owing to the expected recovery in global demand, the pickup in transportation and travel and increase in production of OPEC+ members, as a result of sanctions on Russia. Current account surplus in the balance of payments increased from Dh77.5 billion in 2020 to Dh176.2 billion in 2021, as a result of the increase in oil and non-oil exports, in addition to a