UAE’s GDP grew 7.6% in 2022, econ minister says By Reuters

By Rachna Uppal

ABU DHABI (Reuters) -The United Arab Emirates’ economic system expanded 7.6% final yr, a senior official stated on Thursday, about double the rise in gross home product (GDP) recorded in 2021 because the Gulf state rebounded sharply from the Covid-19 pandemic.

Whereas greater vitality costs supported financial development throughout the Gulf area’s oil exporters final yr, a slowdown is forecast this yr with a extra unsure oil worth outlook and a difficult international macroeconomic surroundings.

The UAE goals to double the dimensions of its economic system by 2031 and diversify away from hydrocarbons.

“With a purpose to do this, we want 7% GDP development yearly,” UAE minister of economic system Abdulla bin Touq Al Marri informed Reuters in an interview on the sidelines of the Investopia convention in Abu Dhabi.

“It will are available in with all of the methods we’ve got put in place: the influence of the commerce agreements, the openness to commerce…the elements of investments seen just lately, into the vitality transition, for example, into inexperienced hydrogen,” he stated.

The UAE’s overseas commerce hit 2.2 trillion dirhams ($599 billion) in 2022, up 17% yr on yr, and it has signed bilateral commerce agreements with international companions spanning India, Israel and Indonesia. Talks with Turkey, and others, are underway.

The UAE may even host the UN’s flagship COP28 local weather convention on the finish of the yr.

“The UAE’s technique is an agile technique…we’re going to see challenges are available in to the economic system faster and quicker,” Al Marri stated.

“And we have to discover options not in authorities however with the non-public sector, they’ve quite a lot of options to those sorts of challenges.”

He added that the re-opening of the Chinese language economic system may play a “large position” in decreasing inflation across the globe, particularly on items and merchandise coming from China, one of many UAE’s largest commerce companions.

(Reporting Rachna Uppal; Modifying by Christian Schmollinger, Kirsten Donovan)