The Central Bank of the UAE’s Financial Stability Report for 2022 revealed that the UAE Economy experienced an acceleration in real GDP growth. This was primarily due to a strong rebound in non-oil GDP and a substantial expansion of oil GDP.
The Central Bank report highlighted that despite a global economic slowdown in 2022, characterized by higher inflation, tighter financial conditions, and ongoing geopolitical tensions, the UAE Economy emerged as one of the fastest-growing economies. Several factors supported the growth of the UAE Economy, including the easing of most COVID-19 restrictions, a recovery in international travel, and increased activity in sectors such as tourism, real estate, construction, and manufacturing.
Moreover, the UAE benefited from heightened economic activity associated with major global events like the Dubai EXPO and the FIFA World Cup in Qatar.
The report said: “The UAE real GDP increased by 7.9 per cent in 2022, compared to 4.4 per cent in 2021.”
“This growth is the result of a 7.2 per cent increase in non-oil sector GDP and a 9.5 per cent expansion in oil-sector GDP”.
