UAE economy on track towards recovery in 2021
Wednesday, 05 05 2021, Category: Economy, Country: U.A.E
The positive growth rates of the UAE’s economy will be restored by the end of 2021, estimating a 2.5 per cent growth in real GDP, and 3.6 per cent in non-oil real GDP, said Abdulla Bin Touq Al Marri, UAE Minister of Economy.
These figures are expected to rise to 3.5 per cent growth in real GDP, and 3.9 per cent growth in non-oil real GDP in 2022, he added, citing estimates released by the Central Bank of the UAE.
The preliminary results of the country’s economic performance by the Federal Competitiveness and Statistics Centre highlight the effectiveness of the proactive economic measures and incentive packages rolled out by the UAE government, based on policies that highlight the country’s speed and flexibility in responding to global changes, as well as its constant efforts to promote economic diversification.
The results revealed that the country's macroeconomic indicators had seen a relatively limited decline in the gross domestic product and in the non-oil GDP last year by 6.1 per cent and 6.2 per cent, respectively, at constant (real) prices compared to 2019. This is comparatively low decline considering that the slump in major global economies reached several times lower.
Source: Trade Arabia