UAE GDP grows by 7.9% in 2022

Dubai, June 25 (BNA): The gross domestic product of the United Arab Emirates in 2022 at constant prices amounted to 1.62 trillion dirhams, achieving a positive growth of 7.9 percent, and reached a total of 1.86 trillion dirhams at current prices. An increase of more than 337 billion dirhams compared to 2021, achieving a growth of 22.1%.

Abdullah bin Touq Al-Marri, Minister of Economy of the United Arab Emirates, said that the preliminary estimates of the gross domestic product of the United Arab Emirates for the year 2022 issued by the Federal Center for Competitiveness and Statistics confirm the solid economic performance of the country. It achieved positive growth rates that exceeded estimates, according to the Emirates News Agency.

Minister Al-Marri said that the visions of leadership support the work of the UAE government to build an innovative economic model that serves its future vision, by adopting flexible economic policies that rely on speed and accuracy in responding to global changes, and adopting a stimulating economic model. Forward-looking economic strategies and plans based on economic diversification and improving economic procedures and legislation.

“This maintains the country’s position as an environment that continuously attracts investments, and enhances foreign trade and openness as one of the components of international economic relations,” he said.

He added that the success and integration of these policies also enhances the requirements of sustainable development, achieving economic prosperity and a decent life for all citizens and residents of the country, and contributes to the leadership of the UAE and its competitiveness at the regional and international levels.

Hanan Ahli, Director of the Center, said that the results and figures achieved confirm the continued growth of the UAE economy, whether at the general level or at the level of the main economic sectors and activities, which contributes to strengthening the economic diversification policy by increasing The relative importance of non-oil activities in the national economy.

“The per capita GDP in the UAE has grown over the past six years at an unprecedented rate of 24.7 percent despite the annual increase in the population, while the per capita GDP in 2022 grew by 21.1 percent compared to 2021, which is what It confirms the success of economic policies, and the government seeks to achieve prosperity and improve the quality of life in Emirati society.”

Innovative economic initiatives related to non-oil sectors and activities contributed positively to enhancing the growth of the UAE’s GDP during the year 2022, which amounted to 1.632 trillion dirhams at constant prices, while the non-oil domestic product at constant prices amounted to 1.174 trillion dirhams, achieving positive results. Growth in all vital sectors.

HF