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The Emirates Central Bank has revealed the strong performance of the UAE’s total real GDP in the first quarter of this year.
In its quarterly review report for the first quarter of this year, the central bank further said that estimates indicate that total real GDP grew by 8.2% on an annual basis in the first quarter of this year.
The central bank attributed the strong performance to an increase in oil production and a significant improvement in real non-oil GDP, which expects real GDP to rise 5.4% and 4.2% in 2022 and 2023, respectively.
He said estimates indicated that the country’s hydrocarbon GDP increased by 13% year-on-year in the first quarter of this year, in line with the “OPEC +” agreements.
The central bank expects oil GDP to grow by 8% and 5% in 2022 and 2023, respectively, while it expects non-oil GDP to grow by 4.3% and 3.9% in 2022 and 2023, respectively.
Estimates indicate that the non-hydrocarbon sector grew by 6.1% year-on-year in the first quarter of this year, benefiting from the lifting of several restrictions related to “Covid-19”, and the recovery of global travel activities, as the country continues to lead the way in curbing the spread of the virus globally.
He pointed to the increase in central government revenue, which represents about 14.4% of total government revenue, due to recovery in oil production and non-oil economic activities in the last quarter of last year. Expected increase in oil and gas prices and production, which is projected to bring higher revenue in 2022.
He said the Council of Ministers approved the federal general budget of 58.9 billion dirhams for 2022, focusing on achieving the leadership’s vision and guidelines on providing the highest level of welfare to citizens and residents in the country. 41.2% of the budget was allocated to the Department of Development and Social Welfare, with a focus on uplifting the country’s education, health and social affairs sectors.
The central bank stressed that the UAE benefits from the presence of a vibrant private sector supported by comprehensive reforms and a labor market that attracts top talent, while the banking sector is characterized by stability and conducive to private investment.
He explained that amid high market demand for goods and services, approach and increase in business activity to pre-Covid 19 levels, the survey on business conditions indicates that business expectations for the first quarter of this year are optimistic on all variables. Number of projects and clients.
The central bank pointed to a recovery in domestic consumption in the first quarter of this year, supported by an increase in employment and wages, with the number of employees and wages increasing by 8.1%, based on data from the Wage Protection System. At 4.9% on an annual basis, it reached its highest level since the start of the data series in 2012, at the end of last March.
According to the central bank, the wholesale and retail trade sector is showing strong signs of recovery over 2019 levels as it recorded 4.5% growth in total consumer spending last year, while its future outlook for 2022 is positive.
He pointed out that the number of mobile subscribers in both operators “du” and “Etisalat” continued to grow strongly in the first quarter of this year, with the development of trade activities and Expo 2020 and the increase in visitors and tourists. UAE, which reflects strong economic growth and high levels of consumption. domestically in the first quarter.
Real estate activities are the fourth most important non-hydrocarbon sector, he added, adding that in the first quarter of this year, the country’s real estate market saw a significant increase in activity levels and performance.
The Center has confirmed that the tourism and hospitality sector in the UAE has made a strong recovery from the coronavirus crisis and this recovery is due to increased security measures, intensive vaccination campaigns and well-planned efforts to bring the sector back to safety. Crisis situations.
He said the recovery of both Abu Dhabi and Dubai International Airports is a sign of the recovery of tourism and economic activity in the UAE, adding that Dubai International Airport continues to be the world’s busiest airport in terms of international passenger numbers. .
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