Real non-oil GDP grew by 7.8% in Q4 2021: CBUAE

The Central Bank of the UAE (CBUAE) reported that real non-oil GDP grew by some 7.8 percent in the fourth quarter of 2021, which it attributed to the easing of business closures and the decline in restrictions on international travel.

It also highlighted a 9.3 percent annual increase in Emirati oil production during the same period, in line with a related OPEC+ agreement.

In addition, according to the Central Bank’s quarterly economic report, the occupancy rate of hotels in Dubai during the fourth quarter of 2021 was 82 percent, compared to 63 percent and 80.6 percent during the same period in 2020 and 2019 respectively.

The report also addressed local and international economic and monetary developments and stock markets, and highlighted that the UAE is continuing to lead the efforts aimed at addressing the COVID-19 pandemic, which is positively reflected in its pace of recovery.

At the end of the fourth quarter of 2021, 92 percent of those eligible were fully vaccinated, and 100 percent have received at least one dose of the vaccine, the report stated, while referring to a 9.3 percent year-on-year increase in oil production, in line with the OPEC+ agreement.

The Central Bank estimated a total real GDP growth of 2.3 percent in 2021, and for 2022 it is maintaining its forecast for an aggregate real GDP growth of 4.2 percent, with non-oil real GDP increasing by 3.9 percent and real oil GDP by 5.0 percent.

WAM/Lina ibrahim