The UAE's economy grew by an estimated 8.2 per cent in the first quarter of 2022.
That's according to the Central Bank's (CBUAE) quarterly report, which indicated that total real GDP increased by 8.2 per cent annually between January and March.
It expects real GDP to grow by 5.4 per cent this year and 4.2 per cent next year.
There is a higher probability for growth being stronger, driven by higher oil production and by the government's commitment to double the size of the manufacturing sector by 2031.
Meanwhile, the non-hydrocarbon sector is estimated to have grown by 6.1 per cent year-on-year in Q1 2022, benefiting from the removal of several COVID-19 related restrictions and from the recovery in global travel as the UAE continued to be a global leader in containing the spread of the virus.
For 2022 as a whole, CBUAE projects the non-oil GDP to expand by 4.3 per cent and by 3.9 per cent for 2023.
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