UAE's GDP grew by 7.6% due to increased activity in every sector in March

Posted on May 12, 2023   |  

In 2022, UAE's gross domestic product (GDP) grew by 7.6% backed by significant activity in all sectors, and in 2021, UAE’s real GDP grew by 3.9%.

In 2022, developed economies saw a broad-based drop in economic activity, with growth declining to 2.7% from 5.4% in 2021, reflecting tighter monetary stances.

The GCC region managed better than other economies with real GDP growth of 5.3%, which is likely to slow to 3.2% this year.

The Central Bank was optimistic that in 2023 inflation in the GCC region will ease on the back of global growth challenges and plunging international energy prices.

UAE’s real output growth will likely slow to 3.9% in 2023, reflecting a low oil production partially offset by the strong performance of the non-oil sector. 

The UAE banking sector grew by 10.5% to Dh3,670 billion in total assets, backed by broad-based measures by the CBUAE.