The UAE’s real GDP growth rate beats analyst expectations to climb 3.8 percent in 2021, marking the highest growth in the region and surpassing the pre-pandemic growth margins of 2019
The UAE’s gross domestic product (GDP) has exceeded the estimates of analysts and specialised international institutions, rising to $402.9 billion (AED 1.489 trillion) in 2021.
The UAE’s Federal Competitiveness and Statistics Centre revealed that the UAE’s real GDP soared 3.8 percent in 2021, claiming the highest GDP growth rate in the region while beating expectations of international institutions, which expected the country’s GDP to rise by a modest 2.1 percent.
“In a turbulent and changing world, the UAE has been moving steadily forward,” Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President, Prime Minister, and Ruler of Dubai, said in a series of tweets after the Federal Competitiveness and Statistics Centre announced the UAE’s GDP at constant prices.
Sheikh Mohammed bin Rashid added: “Our economy is growing; our journey is accelerating; our competitiveness is advancing upwards; our future is going to be promising; and we assure our people that the best is yet to come.”
The Dubai Ruler has affirmed that the constant enhancement and improvement of local economic procedures and legislation has enhanced the UAE’s position as a favourable environment that continuously attracts investments.
The nation’s other economic strengths include its support of foreign trade as it opens up to the world, in line with the country’s international economic relations policy.
The success and integration of these policies also meet the requirements for sustainable development and the achievement of economic prosperity and a decent life for citizens and residents of the country, Sheikh Mohammed added.
He concluded: “While international organisations expected our national economy to grow by 2.1 percent, we achieved a growth rate of 3.8 percent in 2021, which is higher than the growth of 2019. This is the highest growth in the region with our GDP reaching AED 1.489 trillion at current prices.”
SOURCE: arabianbusiness.com