Instead of the 6.5 percent it had previously predicted, the Central Bank of the United Arab Emirates (CBUAE) now expects the real GDP to increase by 7.6 percent this year.
The apex bank’s Q3 Review attributed the positive review to various non-oil industries’ strong performances, including those in tourism, hospitality, real estate, and manufacturing.
The study predicted that the oil GDP would increase by 11% this year, while the non-oil GDP would increase by 6.1% in 2022, compared to a previous forecast of 4.3%.
The increase in oil production, improvement in the real non-oil GDP, and the elimination of the majority of COVID-19-related limitations all contributed to the overall real GDP continuing to grow at a healthy rate in Q3 after a significant increase in H1.
It was also helped by the rebound in the global travel and tourism industry, the expansion of manufacturing operations, the real estate and construction booms, and several international events. The
The bank also updated its forecast for real GDP growth in 2019, predicting that it will increase by 3.9 percent, with non-oil GDP expected to increase by 4.2 percent.