The statistics authority attributed the growth of the economy to innovative economic initiatives related to non-oil sectors and activities
The UAE’s gross domestic product (GDP) expanded by 7.9 per cent in 2022, driven by innovative economic initiatives related to the non-oil sectors and activities.
Abdullah bin Touq Al Marri, Minister of Economy, said that the preliminary estimates for 2022 GDP reaffirm the robustness of the country’s economic performance and its achievement of positive growth rates that exceeded estimates.
The preliminary data from the Federal Competitiveness and Statistics Centre (FCSC) shows that the UAE’s GDP in 2022 hit the $441.1bn (Dhs1.62tn) mark at constant prices while at current prices it reached Dhs1.86tn, up 22.1 per cent from Dhs337bn in 2021.
Al Marri said the UAE is working to build an innovative economic model that serves its future vision, by adopting flexible economic policies that rely on speed and accuracy in responding to global changes while adopting stimulating economic strategies and forward-looking economic plans based on economic diversification.
“This maintains the country’s position as an environment that attracts investments on an ongoing basis, and promotes foreign trade and openness as one of the components of international economic relations,” he said.
Hanan Ahli, director of FCSC said the latest figures emphasise the continuous growth of the UAE’s economy, whether at the general level or the level of the main economic sectors and activities.
“The UAE’s GDP per capita has grown during the past six years by an unprecedented rate of 24.7 per cent despite the annual increase in the population, while the 2022 GDP per capita grew by 21.1 per cent compared to 2021, which reaffirms the success of the economic policies pursued by the government,” said Ahli.
UAE boosts global trade
Meanwhile, the World Trade Organisation (WTO) said in April that the UAE’s trade in goods with the rest of the world hit $1.02tn in 2022 as the share of both exports and imports increased on the back of higher crude oil prices. Imports accounted for 22 per cent of that amount while exports grew by 41 per cent.
The WTO’s Global Trade Outlook and Statistics report, revealed that exports grew 41 per cent to $599bn in 2022, accounting for 2.4 per cent of the global merchandise exports share while imports were $425bn, accounting for 1.7 per cent.
The Emirates has so far concluded five Comprehensive Economic Partnership Agreements (CEPAs) with India, Israel, Indonesia, Turkey and Cambodia, and the first two have already come into force. The CEPA trade agreements seek to reduce or remove unnecessary trade barriers, facilitate investments, open market access to services exports, and create more opportunities for businesses to forge new partnerships.
The UAE is currently in talks with more markets of strategic importance at the regional and global levels to establish similar agreements. The countries include Costa Rica, Thailand, Malaysia and Vietnam.
The Gulf state also seeks to bolster its bilateral economic relations with South Africa, Poland and Italy while boosting investment opportunities in key sectors including renewable energy, tourism and finance.
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