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Today, the country's non-oil sector accounts for about 74 per cent of the total GDP
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UAE one of fastest-growing economies in 2022, says report
Central Bank of the UAE Financial Stability Report gives credit to the robust recovery in non-oil GDP and a sizable expansion of oil GDP
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The UAE's real GDP growth accelerated during 2022 due to a robust recovery in non-oil GDP and a sizable expansion of oil GDP, according to the Financial Stability Report for 2022 released on Friday by the Central Bank of the UAE (CBUAE).
The report noted that this comes at a time when the global economy experienced a slowdown in 2022, with external risks remaining elevated in an environment characterised by higher inflation, tightening financial conditions and continued geopolitical tensions.
The UAE, the report said, was one of the fastest-growing economies in 2022, boosted by the removal of most Covid-19-related restrictions, a recovery in global travel and the tourism, real estate and construction and manufacturing sectors, as well as increased activity associated with global events such as the Dubai EXPO and Fifa World Cup in Qatar.
"The UAE real GDP increased by 7.9 per cent in 2022, compared to 4.4 per cent in 2021. This growth is the result of a 7.2 per cent increase in non-oil sector GDP and a 9.5 per cent expansion in oil-sector GDP," the report added.
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