UAE national savings grow 6.6% to AED 516.1 billion in 2018

Abu Dhabi 29-08-2019
The UAE’s national savings rose to AED 516.1 billion in 2018, a growth of 6.6% compared to AED 484.5 billion in the previous year.
The level of national saving reached the highest since 2015, according to figures issued by the Federal Competitiveness and Statistics Authority.
According to economic concepts, national saving means the sum of domestic savings plus the net revenues of the state’s income from foreign investments. Local saving is the difference between the income at the macro level or the so-called GDP (the value of goods and services produced during a year) and total final consumption in the economy. .
The growth of national savings of countries usually contributes to a higher standard of living and wealth and is a means of financing investment projects.
The preliminary reading of official statistics shows that the UAE has succeeded in building a large balance of national savings, supported by distinctive economic policies based on diversification of income sources during the last phase.
The total national savings amounted to AED 491.8 billion in 2015, while it reached AED 482.1 billion in 2016 before rising to AED 484.5 billion by the end of 2017, which was a strong start to the saving index after that, jumping to its highest level in three Years by the end of 2018.
The UAE’s success in increasing its national savings balance was reflected in other economic indicators. The increase in per capita income rose to 55.57 thousand dirhams, as well as the standard of living per capita amid the decline of the oil sector contribution to gross national income and an increase in GDP in general.