February 23, 2024

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UAE GDP progress doubled in 2022 to 7.6%: Central Financial institution

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The UAE’s financial progress is predicted to have doubled in 2022, the nation’s central financial institution stated in a report on Wednesday.

“The UAE’s gross home product (GDP) is predicted to have grown by almost 7.6 per cent in 2022, supported by vital exercise throughout all sectors, and is among the many highest globally,” the regulator stated in its 2022 Annual Report. The UAE’s actual GDP progress in 2021 was 3.9 per cent, knowledge confirmed.

This occurred whilst superior economies skilled a decline in financial exercise up to now 12 months.

“Superior economies skilled a broad-based decline in financial exercise throughout 2022, with progress dropping to 2.7 per cent in 2022 from 5.4 per cent in 2021, reflecting tighter financial stances,” CBUAE stated, warning that international progress is projected to backside out at 1.2 per cent for the 12 months.

The GCC area total, too, fared higher than different economies. The block noticed an actual GDP progress of 5.3 per cent in 2022, which is more likely to gradual to three.2 per cent this 12 months.

The Central Financial institution was optimistic that in 2023 inflation within the GCC area is predicted to ease on the again of world progress challenges and declining worldwide power costs.

2023-24 UAE outlook

The Central Financial institution tasks UAE’s actual output progress to gradual to three.9 per cent in 2023, largely reflecting a decline in oil manufacturing partially offset by the sturdy efficiency of the non-oil sector. Progress is projected to extend to 4.3 per cent in 2024, owing to a greater efficiency in each the oil and non-oil sectors.

Robust banking sector

In 2022, the UAE banking sector recorded a ten.5 per cent progress in complete property, reaching Dh3,670 billion. The sector exhibited resilience in the course of the pandemic, supported by broad-based measures by the CBUAE. The Focused Financial Help Scheme (TESS) was wound down in 2022 because the sector and economic system recovered from the pandemic’s repercussions.

The UAE banking system in 2022 consisted of 61 licensed banks, together with two digital banks. The variety of bodily financial institution branches decreased by 22.3 per cent up to now three years, pushed by the digitalisation of economic companies.

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