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Abdullah Bin Touq: We have adopted flexible policies that are in line with global changes
Hanan Ahli: Increasing the relative importance of non-oil activities
Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the preliminary estimates of the UAE’s gross domestic product for the year 2022, issued by the “Federal Center for Competitiveness and Statistics”, confirm the robustness of the country’s economic performance, and its achievement of positive growth rates that exceeded the estimates of analysts and specialized international institutions.
The country’s GDP in 2022 at constant prices amounted to 1.62 trillion dirhams, achieving a positive growth of 7.9%, while at current prices it reached 1.86 trillion dirhams, an increase of more than 337 billion dirhams over the year 2021, achieving a growth of 22.1%, which reflects the wisdom of the economic policies pursued by the government. The UAE, and confirms the strength and solidity of the UAE economy in light of the economic conditions and geopolitical repercussions the world is going through.
Forward-looking visions
The Minister of Economy said: “The government of the United Arab Emirates is working, thanks to the forward-looking visions of the wise leadership led by His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of the State. Dubai, may God bless him, is building an innovative economic model that serves its future vision, by adopting flexible economic policies that depend on speed and accuracy in responding to global changes, adopting stimulating economic strategies, and forward-looking economic plans based on economic diversification, and improving economic procedures and legislation, which maintains The state’s status as an environment that attracts investments on an ongoing basis, and the promotion of foreign trade and openness to the world as one of the components of international economic relations. The success and integration of these policies also enhance the requirements of sustainable development, economic prosperity and a decent life for all citizens and residents of the country, and contribute to achieving the leadership and competitiveness of the UAE at the regional and international levels. ».
The tenderness of my family
economic diversification
Hanan Mansour Ahli, Director of the Federal Center for Competitiveness and Statistics, said that the results and figures achieved confirm that the country’s economy continues to grow further, whether at the general level or at the level of the main economic sectors and activities, which contributes to strengthening the economic diversification policy through Increasing the relative importance of non-oil activities in the national economy, which is consistent with the state’s economic policies in reducing dependence on the oil economy, consolidating an economy based on knowledge and innovation, and strengthening national non-oil industries.
My family continued: The per capita GDP in the UAE has grown over the past six years by an unprecedented rate of 24.7% despite the annual increase in the population, while the per capita GDP in 2022 grew by 21.1% compared to the previous year. 2021, which confirms the solidity and strength of the UAE economy, and the success of the economic policies pursued by the government in achieving prosperity and a quality of life in the UAE society.
strong growth
The activation of innovative economic initiatives related to non-oil sectors and activities also contributed positively to enhancing the growth of the country’s gross domestic product during the year 2022, which at constant prices amounted to 1.62 trillion dirhams, while the non-oil domestic product at constant prices amounted to 1.17 trillion dirhams, achieving positive growth in all vital sectors. .
And based on the preliminary estimates of the gross domestic product issued by the center; The added value of transport and storage activities had the largest share of the growth rates in the GDP at constant prices, in an unprecedented manner, by 20.2% compared to 2021, benefiting from the increase in the number of passengers on international flights and the increase witnessed by the country in the growth of air traffic, and the revenues of national airlines achieved Thus, the highest growth rate witnessed by this tourism-related sector in recent years.
The accommodation and food services sector, which reflects the activity of hotels and restaurants, has achieved a remarkable growth of 13.2%, and the health and social services activities have achieved a remarkable growth of 13% compared to 2021.
non-oil sectors
The non-oil sectors contributed to supporting the national economy and enhancing the growth of the country’s GDP. The manufacturing industries achieved an added value in the GDP of 179 billion dirhams, achieving a growth rate of 8.7% compared to the year 2021, and the largest share of the contribution of the non-oil sectors to the GDP. The total value represented by the wholesale and retail trade activity, which amounted to about 206 billion dirhams, thus achieving a contribution rate of 12.7% of the UAE’s GDP.
In 2022, real estate activities achieved a growth of 12%, with a value of about 90 billion dirhams in the GDP at constant prices, and the growth in non-oil activities was positively reflected in the financial and insurance activity, which in turn achieved a growth of 8.4% to achieve 134 billion dirhams in the GDP. fixed during the year 2022.
