UAE non-oil economy grows 7.8% in Q4 as pandemic curbs ease
Oil output jumped 9.3% in the last three months of 2021, CBUAE data shows The UAE’s non-oil economy expanded 7.8 per cent on annual basis, driven by easing of pandemic-related restriction and travel curbs that boosted local and global demand, latest data from the Central Bank of the UAE showed. While the overall real gross domestic product grew at an estimated 2.3 per cent during 2021, the central bank expects the economic momentum to pick up pace this year, maintaining its 4.2 per cent growth projection for 2022, the CBUAE said in its Quarterly Economic Review. The non-oil economy is estimated to have expanded 3.8 per cent in 2021 and is projected to grow 3.9 per cent this year. The oil economy, which contracted 1.4 per cent in 2021 on the back of production curbs agreed with the Opec+, is expected to grow 5 per cent in 2022, as the 23-member alliance of producers brings additional crude to the market. The UAE oil production in the last three months of the 2021 rose 9.3 per...