The UAE central bank’s quarterly report indicated that total real GDP increased by 8.2% annually in the first quarter of 2022, state news agency said on Wednesday.
The central bank expects real GDP to grow by 5.4% in 2022 and 4.2% in 2023, the statement added.
It also expects non-oil GDP to increase by 4.3% and 3.9% in 2022 and 2023, respectively.
Oil production and performance lead to the improvement in real non-oil GDP.
Also, hydrocarbon GDP climbed an estimated 13 percent on an annual basis during the first three months, in line with the Organization of the Petroleum Exporting Countries’ agreements, the central bank noted.
