UAE economy set for strongest expansion in 11 years after 8.2% first-quarter growth
The UAE economy is set to post its strongest annual expansion since 2011 after it grew by 8.2 per cent in the first three months of this year on higher oil prices and measures to mitigate the impact of the Covid-19 pandemic.
Growth in the first quarter was driven by a sharp increase in oil production, as well as a noticeable improvement in the real non-oil gross domestic product, the UAE Central Bank said in its latest Quarterly Economic Review 2022.
The Arab world’s second-largest economy, which expanded 3.8 per cent in 2021, is expected to grow 5.4 per cent and 4.2 per cent in 2022 and 2023, respectively, according to the latest projections by the regulator.
The IMF projects that the UAE economy will grow 4.2 per cent this year while Emirates NBD forecasts growth of 5.7 per cent and Abu Dhabi Commercial Bank (ADCB) expects a 6 per cent expansion, supported by a sharp rise in the oil sector.
An expansion of 6 per cent would be the highest since 2011, when the economy grew 6.9 per cent.
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