UAE: Real Non-oil GDP Grew by 7.8% in Q4 2021

  • Publish date: Wednesday، 20 April 2022
UAE: Real Non-oil GDP Grew by 7.8% in Q4 2021
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The Central Bank of the UAE (CBUAE) reported that real non-oil GDP grew by some 7.8% in the fourth quarter of 2021.

The bank attributed the increase to the easing of business closures and the decline in restrictions on international travel.

In line with a related OPEC+ agreement there was an 9.3% annual increase in Emirati oil production during the same period.

The Central Bank’s quarterly economic report, the occupancy rate of hotels in Dubai during the fourth quarter of 2021 was 82%, compared to 63% and 80.6% during the same period in 2020 and 2019 respectively.

At the end of the fourth quarter of 2021, 92% of those eligible were fully vaccinated, and 100% have received at least one dose of the vaccine, the report stated, while referring to a 9.3% year-on-year increase in oil production, in line with the OPEC+ agreement.

The Central Bank estimated a total real GDP growth of 2.3 percent in 2021, and for 2022 it is maintaining its forecast for an aggregate real GDP growth of 4.2 percent, with non-oil real GDP increasing by 3.9 percent and real oil GDP by 5.0 percent.