UAE central bank expects real GDP growth to reach 4.2 percent next year: Report

The United Arab Emirates central bank said on Wednesday it expects real GDP growth to reach 4.2 percent next year, up from its earlier forecast of 3.3 percent, state news agency (WAM) reported.

The United Arab Emirates’ central bank said on Monday that real gross domestic product (GDP) growth jumped to 3.8 percent in 2021 and was expected to reach 5.4 percent in 2022, while non-oil GDP growth rose to 5.3 percent in 2021

Neighboring Saudi Arabia’s GDP growth jumped to 9.9 percent in Q1 of 2022, more than a flash estimate last month of 9.6 percent, official data showed on Tuesday.

“This growth is due to the high increase in oil activities by 20.3 percent,” the General Authority for Statistics said. GDP growth was 2.6 percent higher than in the fourth quarter, while oil activity was up 2.9 percent on a quarterly basis.