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UAE’s economy to see an increase of over 5% in 2022
Posted on August 22, 2022 |
- In Q1 20022, the country’s GDP grew by 8.2% while oil-related GDP grew by 13%, in line with relevant OPEC+ agreements and the non-oil sector is still strong after a good start to the year.
- The increase in the UAE’s real income levels due to high wages and employment rates supported local demand and, strengthened the country’s wholesale, retail, and real estate sectors.
- The transport, tourism, and hospitality sectors recovered in the past period due to an increase in the numbers of tourists and hotel occupancy rates.
- In 2022, the Gulf Cooperation Council (GCC) economies will grow by 6.4% and in 2023 by 3.4%.
- However, inflation is still a big problem for monetary policy-makers worldwide, and the current inflation dynamics do not leave much room for less restrictive policies by central banks.
Image: Alarabiya News