Non-oil GDP up 7.8% in Q4 2021 - Central Bank

Real non-oil GDP grew by some 7.8 percent in the fourth quarter of 2021, which the Central Bank of the UAE (CBUAE) attributes to the easing of business closures and the decline in restrictions on international travel.

The CBUAE quarterly economic report also highlighted a 9.3 percent annual increase in Emirati oil production during the same period, in line with a related OPEC+ agreement.

In addition, the occupancy rate of hotels in Dubai during the fourth quarter of 2021 was 82 percent, compared to 63 percent and 80.6 percent during the same period in 2020 and 2019 respectively.

The report also addressed local and international economic and monetary developments and stock markets, and highlighted the UAE is continuing to lead efforts aimed at addressing the COVID-19 pandemic, which is positively reflected in its pace of recovery.

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.

Real non-oil GDP grew by 7.8% in Q4 2021: CBUAE.#WamNews https://t.co/nWXhOZxTG8 pic.twitter.com/jpEo1sxygp

— WAM English (@WAMNEWS_ENG) April 19, 2022