UAE economy to fully recover in 2022
The UAE economy turned positive this year after a severe contraction in 2020, and will fully recover in 2022, the Central Bank of the UAE said on March 18, according to the Gulf Times.
In 2021 and 2022, the UAE's real GDP will resume growth of 2.5% and 3.5%, while real non-hydrocarbon GDP will grow by 3.6% and 3.9%, respectively.
In the fourth quarter of 2020, economic activity in the UAE continued to recover. During the three-month period of the fourth quarter, the non-oil economy of the UAE saw further improvement as the epidemic prevention and control measures were eased and the UAE began to enter the initial phase of vaccination. The UAE's central bank expects the UAE's real GDP to grow by -5.8% in 2020 and real non-hydrocarbon GDP to decline by 5.7%.
The UAE's role as an oil exporter has been affected to a certain extent, the central bank said. Under the OPEC+ production cut deal, the UAE's oil production fell 17.7% year-on-year in the third quarter and 18.2% year-on-year in the fourth quarter. In 2020, the UAE's annual oil production averaged 2.78 million barrels per day, and its real oil GDP is expected to shrink.
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