The Central Bank of the United Arab Emirates (CBUAE) has revised up its projections for the country's real Gross Domestic Product (GDP) growth, which is expected to reach 4.2 percent in 2023, compared with its previous forecast of 3.3 percent.
In its Annual Report for 2021, the CBUAE estimated the non-oil GDP growth to reach 3.9 percent in 2023, compared with previous estimates of 3.3 percent, while the oil GDP growth will reach 5 percent in 2023, compared with earlier estimates of 3.4 percent.
The report highlights the results achieved in terms of the UAE’s economic activity, which has begun to flourish again as a result of the country's overall economic support measures and its success in containing the financial and economic challenges resulting from the COVID-19 fallout.
The CBUAE has projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent in 2021.
The non-oil GDP growth rose to 5.3 percent in 2021, and is expected to reach 4.3 percent in 2022, in light of sustainable government spending, positive outlook for loan growth and the improvement in business sentiment, according to the estimates of the central bank.
The oil GDP growth is anticipated to grow 8 percent in 2022, due to the expected recovery in global demand, as well as the recovery of the transport and travel sector, and production increase of OPEC member countries.
News Source: Emirates News Agency