The UAE GDP grew 7.9 per cent to Dh1.62 trillion at consistent prices in 2022, driven by strong expansion of all crucial sectors in the post-pandemic recuperation, according to the preliminary quotes launched by the Federal Competitiveness and also Stats Centre (FCSC) on Sunday.

The figures revealed GDP amounting to Dh1.86 trillion at present rates, an increase of more than Dh337 billion in 2022 as compared to the previous year, accomplishing a growth of 22.1 percent.

The FCSC numbers are in line with 7.9 per cent growth that the Globe Bank forecasted for the UAE economy in its most current ‘Worldwide Financial Leads’ launched in June.

Hit by the pandemic in 2022, the UAE’s economic climate has transitioned into a growth phase after the recuperation, thanks to the effective handling of the pandemic as well as pro-business policies adopted by the government as well as the finalizing of the Comprehensive Economic Partnership Arrangements with significant trading companions.

The recovery in the last 2 years has actually been led by traveling as well as tourist, real estate, air travel and also profession. Along with non-oil sectors, high oil costs adhering to the Ukraine-Russia dilemma also improved the revenue of the UAE and various other oil-producing nations.

Abdullah container Touq Al Marri, UAE’s Minister of Economic situation, stated solid the effectiveness of the country’s financial efficiency and also its achievement of positive development rates that went beyond price quotes.

“The federal government of the UAE is working, thanks to the progressive visions of its sensible management, led by Head of state His Highness Sheikh Mohamed bin Zayed Al Nahyan, and also the instructions of His Highness Sheikh Mohammed container Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to construct an ingenious financial design that offers its future vision, by embracing versatile economic policies that rely on rate and precision in responding to worldwide adjustments, adopting revitalizing financial strategies, and positive financial plans based upon financial diversity, and also improving financial procedures and also regulation,” claimed Al Marri.

“This keeps the nation’s placement as an atmosphere that brings in investments on a continuous basis and also promotes international profession and also visibility as one of the elements of international financial relationships. The success and integration of these policies also enhance the requirements of sustainable growth, accomplishing financial success and a respectable life for all residents as well as citizens of the nation, and also contributes to the UAE’s management as well as competition at the local as well as worldwide levels,” he included.

Hanan Ahli, director of FCSC, said that the numbers stress the constant development of the UAE’s economy, whether at the general degree or at the level of the main economic sectors and also activities, which adds to enhancing the economic diversification policy by enhancing the relative importance of non-oil activities in the nationwide economic climate.

“The UAE’s GDP per head has actually grown during the past six years by an unprecedented rate of 24.7 percent in spite of the annual boost in the population, while the 2022 GDP per capita grew by 21.1 percent compared to 2021, which reaffirms the success of the financial policies sought by the federal government in achieving prosperity and advancing the quality of life in the UAE society,” she added.

Cutting-edge financial initiatives related to non-oil fields as well as activities added favorably to boosting the growth of the UAE’s GDP during 2022, which completed Dh1.632 trillion at constant rates, while non-oil GDP at continuous rates got to Dh1.174 trillion, achieving favorable growth in all essential markets.