The contribution of the United Arab Emirates’ non-oil sector to the country’s gross domestic product (GDP) increased to 72.3% in 2021 compared to 71.3% a year earlier, Emirates News Agency (WAM) reported.
The UAE’s GDP grew 3.8% last year, exceeding the World Bank’s forecast of 2.1%, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said earlier this month.
“At current prices, the output was Dh1.49 trillion ($405.71 billion),” Sheikh Mohammed said.
The growth of the non-oil sector last year was boosted by hotels and restaurants, wholesale and retail and health and social services sectors that had the highest growth rates during 2021 compared to 2020, according to data from the Federal Competitiveness and Statistics Center.
The UAE’s economy is expected to grow 4.9% this year according to Japan’s largest lender MUFG, while Emirates NBD forecasts growth of 5.7% and Abu Dhabi Commercial Bank (ADCB) estimates a 5.4% expansion, supported by a sharp rise in the oil sector.
According to the UAE’s central bank, the country’s non-oil GDP is expected to grow 3.9% in 2022. While Emirates NBD projects a rise of 4% and ADCB forecasts an expansion of 3.4%.