UAE’s non-oil economy contracted first since 2011 last year

UAE’s non-oil economy contracted first since 2011 last year

Published 02 May,2021 via Bloomberg Markets - The United Arab Emirates’ non-oil economy shrank 6.2% last year on lower oil prices and the coronavirus pandemic, the first contraction since 2011 at least, according to preliminary government data.

Overall gross domestic product in the Arab world’s second-largest economy is estimated to have contracted 6.1% in 2020, according to data cited in a statement by the Ministry of Economy. That’s slightly more than initial projections of a 6% contraction. Non-oil GDP is seen rebounding to grow 3.6% this year.