#UAE economy grew 8.2% in Q1, central bank estimates

UAE economy grew 8.2% in Q1, central bank estimates

The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.

Real gross domestic product (GDP) is expected to grow 5.4% this year and 4.2% next year, the central bank said. There was a high probability of stronger growth due to higher oil production and a government pledge to double the manufacturing sector's size by 2031.

Hydrocarbon GDP climbed an estimated 13% in the first quarter, when oil production average 2.95 million barrels per day.

"Shocks to global oil supply and demand have added to oil price volatility and bolstered the level of the price. Depending (on) the developments in global economic activity, recessionary expectations and geopolitical tensions, there may be space for increased oil supply to balance the markets and stimulate global growth," the central bank said.