Friday, March 29

In 2022, the UAE economy will grow by +7.6% — this is the highest figure in 11 years

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The latest forecast is higher than the +5.4 percent estimate made by the country’s Central Bank in July. Also, Economy Minister Abdullah bin Tusk said earlier this month that the country’s GDP is expected to grow by +6.5% this year.

The steady growth is due to a sharp increase in oil revenues, as well as a marked improvement in the UAE’s non-oil sector. At the same time, the forecast for the UAE’s GDP for 2023 was changed – it is expected to grow by +3.9% compared to +4.2% predicted in the previous report.

Another interesting message in the context of the economy is that trade between the UAE and Israel has more than doubled in 11 months of 2022, Amir Hayek, the Israeli ambassador to the UAE, tweeted about a new record of bilateral trade. “After the first 11 months of 2022, we have reached the $2.3 billion mark, which is +115.1% more than in the same period of 2021.” Both countries intend to increase the volume of bilateral trade to a level exceeding $10 billion in 5 years.

 

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