The Central Bank of the United Arab Emirates (CBUAE) projected the real GDP to grow by 7.6 percent this year, instead of its previous expectation of 6.5 percent.
In its Q3 Review, the apex bank attributed the upward review to the robust performance of some non-oil sectors, including tourism, hospitality, real estate and manufacturing.
The review expected the non-oil GDP to grow by 6.1 percent in 2022, against 4.3 percent previously, with the oil GDP to expectedly grow by 11 percent this year.
The report explained that the overall real GDP continued to grow at a strong pace in Q3 following a signifiant growth in H1, underpinned by a rise in oil production and improvement in real non-oil GDP, as well as removal of most COVID-19-related restrictions. It was also buoyed by the recovery in the global travel and tourism sector, boom in the real estate and construction sectors, and the expansion of manufacturing activities, and various global events.
The bank also revised its expectation of the real GDP growth next year, indicating it will grow by 3.9 percent, with the non-oil GDP to grow by 4.2 percent.
News Source: Emirates News Agency