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UAE: Real Non-oil GDP Grew by 7.8% in Q4 2021

  • Publish date: Thursday، 22 December 2022
UAE: Real Non-oil GDP Grew by 7.8% in Q4 2021

The Central Bank of the UAE (CBUAE) reported that real non-oil GDP grew by some 7.8% in the fourth quarter of 2021.

The bank attributed the increase to the easing of business closures and the decline in restrictions on international travel.

In line with a related OPEC+ agreement there was an 9.3% annual increase in Emirati oil production during the same period.

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The Central Bank’s quarterly economic report, the occupancy rate of hotels in Dubai during the fourth quarter of 2021 was 82%, compared to 63% and 80.6% during the same period in 2020 and 2019 respectively.

At the end of the fourth quarter of 2021, 92% of those eligible were fully vaccinated, and 100% have received at least one dose of the vaccine, the report stated, while referring to a 9.3% year-on-year increase in oil production, in line with the OPEC+ agreement.

The Central Bank estimated a total real GDP growth of 2.3 percent in 2021, and for 2022 it is maintaining its forecast for an aggregate real GDP growth of 4.2 percent, with non-oil real GDP increasing by 3.9 percent and real oil GDP by 5.0 percent.

This article was previously published on UAE Moments.To see the original article, click here

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