UAE's GDP grows 3.8 per cent in 2021, beating international expectations
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UAE’s GDP grows 3.8 per cent in 2021, beating international expectations

UAE’s GDP grows 3.8 per cent in 2021, beating international expectations

Its GDP reached Dhs1.489tn at current prices, with the growth rate for 2021 reported to be the highest in the region

The UAE’s GDP for 2021 at constant prices has increased 3.8 per cent, according to statistics shared by the Federal Competitiveness and Statistics Centre.

Its GDP stood at Dhs1.489tn, with the growth rate exceeding the estimates and expectations of international institutions, which earlier forecasted a growth of 2.1 per cent for 2021, according to state news agency WAM.

“The Federal Competitiveness and Statistics Centre has announced the UAE’s GDP for 2021. While international organisations expected our national economy to grow by 2.1 per cent, we achieved a growth rate of 3.8 per cent in 2021 (higher than the growth of 2019). This is the highest growth in the region with our GDP reaching Dhs1.489tn at current prices,” said Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“In a turbulent and changing world, the UAE has been moving steadily forward. Our economy is growing, our journey is accelerating, our competitiveness is advancing upwards, our future is going to be promising, and we assure our people that the best is yet to come,” said Sheikh Mohammed.

The emirate of Abu Dhabi in the UAE recently said that its GDP at constant prices grew 1.9 per cent in 2021 compared with 2020, while its non-oil GDP at constant prices grew by 4.1 per cent.

Non-oil activities contributed 49.7 per cent of the GDP at constant prices last year. These figures shared by the Statistics Centre-Abu Dhabi (SCAD) show growth rates across several non-oil activities including agriculture, forestry, and fishing which grew 23.1 per cent while the manufacturing expanded 21.7 per cent, health and social service by 19.7 per cent, arts, entertainment and recreation by 17.3 per cent, wholesale and retail trade by 15.3 per cent, accommodation and food service activities by 14.7 per cent, transportation and storage by 7 per cent, and electricity, gas, water supply and waste management activities by 6.9 per cent.

Read: Abu Dhabi’s non-oil real GDP grew 4.1% in 2021

Last year, Dubai’s Department of Economic Development (Dubai Economy), said that, it expects to record an economic growth of 3.1 per cent in 2021, and 3.4 per cent in 2022.

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