| 20 April 2024, Saturday |

UAE GDP Grows by 7.9% in 2022

The UAE’s GDP in 2022 at constant prices was AED1.62 trillion ($440 billion), a positive growth of 7.9%, but at current prices it was AED1.86 trillion ($506 billion), an increase of more than AED337 billion ($91.7 billion) compared to 2021, a rise of 22.1%.

“The government of the UAE is working, thanks to the forward-looking visions of its wise leadership, 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, adopting stimulating economic strategies, and forward-looking economic plans based on economic diversification, and improving economic procedures and legislation,” said Economy Minister Abdullah bin Touq Al Marri.

“This maintains the country’s position as an environment that attracts investments on an ongoing basis and promotes foreign trade and openness as one of the components of international economic relations,” added Al Marri.

“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 UAE’s leadership and competitiveness at the regional and international levels,” he explained.

Hanan Ahli, Director of the UAE’s Federal Competitiveness and Statistics Center, said the results and figures achieved emphasize the continuous 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 UAE’s GDP per capita has grown during the past six years by an unprecedented rate of 24.7 % despite the annual increase in the population, while the 2022 GDP per capita grew by 21.1 % compared to 2021,” she added.

Innovative economic initiatives related to non-oil sectors and activities contributed positively to enhancing the growth of the UAE’s GDP during 2022, which totaled AED1.62 trillion ($441.9 billion) at constant prices, while non-oil GDP at constant prices reached AED1.174 trillion ($319.7 billion), achieving positive growth in all vital sectors.

  • Asharq Al-Awsat