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UAE’s economy gains pace amid global slowdown, records 7.9% growth 

Supported by its non-oil sectors, the country’s GDP stood at $442 billion.

UAE’s economy gains pace amid global slowdown, records 7.9% growth 
[Source photo: Anvita Gupta/Fast Company Middle East]

The UAE government, which has adopted measures to enhance the resilience of its economy, despite global economic challenges, supply chain disruptions, and Covid-19-induced slowdown, has recovered drastically. Its non-oil sector supports this as the country continues its economic diversification strategy.

The UAE’s gross domestic product reached $442 billion at constant prices in 2022, achieving 7.9% annual growth, reported state news agency Wam, citing preliminary estimates from the Federal Competitiveness and Statistics Centre.

Abdulla Bin Touq Al Marri, Minister of Economy, said the country’s positive economic growth exceeded estimates. “[The government is trying to] build an innovative economic model that serves its future vision by adopting flexible economic policies that rely on speed and accuracy in responding to global changes, adopting stimulating economic strategies, and forward-looking economic plans based on economic diversification, and improving economic procedures and legislation,” he said. 

At current prices, the country’s GDP amounted to $5.06 trillion, representing an annual growth rate of 22.1%. 

Al-Marri added, “This maintains the country’s position as an environment that attracts investments on an ongoing basis and promotes foreign trade and openness as one of the components of international economic relations.”

“The success and integration of these policies also enhances the requirements of sustainable development, achieving economic prosperity and a decent life for all citizens and residents of the country, and contributes to the UAE’s leadership and competitiveness at the regional and international levels.”

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