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UAE’s real GDP grows to 3.8% in 2021

UAE’s real GDP grows to 3.8% in 2021

Arab Finance: The UAE’s real gross domestic product (GDP) increased to 3.8% in 2021, according to a report released by the Central Bank of the UAE (CBUAE) on June 6th.

The non-oil GDP growth recorded 5.3% in 2021, the CBUAE’s data showed.

The central bank noted that the country’s real GDP is expected to grow to 5.4% in 2022.

Moreover, the balance of payment recorded a current account surplus of AED 176.2 billion in 2021, rising from AED 77.5 billion in 2020.

The CBUAE ascribed the increase in the current account surplus to the growth in oil and non-oil exports, along with the increase in the surplus in the balance of services.

“The banking system in the UAE continued to enjoy a good level of capitalization and liquidity. Equity, liquid assets, and other indicators reflect the improvement of liquidity conditions in the market,” the CBUAE’s report said.

 

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