UAE economy set to grow at the fastest pace since 2011 after beating estimates – The National

UAE economy set to grow at the fastest pace since 2011 after beating estimates – The National

The UAE economy expanded by 8.4 per cent in the first quarter of this year, exceeding initial estimates, as higher oil prices and successful Covid-19 mitigation measures set it up for fastest annual growth since 2011.

The pace of gross domestic product growth in the first quarter — significantly sharper than the 2.1 per cent pre-pandemic GDP level — was above a previous 8.2 per cent estimate by the Central Bank of UAE. This came as the economy rebounded strongly on the back of tourism, a buoyant property sector and higher oil prices.

The Arab world’s second-largest economy was “the fastest in overcoming the effects of the largest pandemic” and it was “the most balanced between human health and economic interests”, Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said in a tweet on Sunday after the UAE Cabinet meeting in Abu Dhabi.