UAE real GDP to grow faster at 5.4% in 2022, says Central Bank

UAE real GDP to grow faster at 5.4% in 2022, says Central Bank

Banking system continued to enjoy good level of capitalisation and liquidity

Published: Mon 6 Jun 2022, 4:56 PM

The UAE’s real GDP grew at 3.8 per cent last year and the growth is expected to accelerate this year to reach 5.4 per cent, the UAE Central Bank said in its annual report.

The apex bank said non-oil GDP growth rose to 5.3 per cent in 2021.

It said like other primary commodity exporters, the GCC states benefitted from higher hydrocarbon revenues in 2021, which further expanded the available fiscal space, thereby supporting the growth momentum. The UAE had the highest growth among the GCC states, followed by Saudi Arabia, Oman, Bahrain, Qatar and Kuwait.

The UAE’s current account surplus 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 rise in the surplus in the balance of services.

It said the banking system in the UAE continued to enjoy a good level of capitalisation and liquidity.

Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and Chairman of Central Bank, said these results indicate that the UAE economic recovery is gaining steady momentum, as a result