Monday 27 June 2022 - 8:45:00 am

UAE's GDP beats expectations, posting highest rate in the region: Mohammed bin Rashid


DUBAI, 7th April, 2022 (WAM) -- The UAE's Gross Domestic Product (GDP) for 2021 has broken international economic expectations, registering the highest rate in the region of AED 1.489 trillion.

"In a turbulent and changing world, the UAE has been moving steadily forward. Our economy is growing, our journey is accelerating, our competitiveness is advancing upwards, our future is going to be promising, and we assure our people that the best is yet to come," said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, on Thursday in a series of tweets after the Federal Competitiveness and Statistics Centre announced the UAE’s GDP at constant prices.

The UAE’s GDP for the year 2021 achieved positive growth rate that exceeded the estimates of analysts and specialised international institutions, which confirms the strength of the UAE’s economic performance.

The Federal Competitiveness and Statistics Centre announced that the UAE’s GDP at constant prices has achieved a growth of 3.8 percent, exceeding the estimates and expectations of international institutions, which expected the growth of the country's GDP in 2021 to post 2.1 percent.

Sheikh Mohammed said, "The Federal Competitiveness and Statistics Centre has announced the UAE’s GDP for 2021. While international organisations expected our national economy to grow by 2.1 percent, we achieved a growth rate of 3.8 percent in 2021 (higher than the growth of 2019). This is the highest growth in the region with our GDP reaching AED1.489 trillion at current prices."

Sheikh Mohammed affirmed that enhancement and improvement of local economic procedures and legislation has entrenched the UAE's position as a favourable environment that continuously attracts investments. Other economic strengths include supporting foreign trade and opening up to the foreign world, in line with the country's international economic relations policy. Success and integration of these policies also meet requirements for the sustainable development and achievement of economic prosperity and a decent life for citizens and residents of the country, as well as contributing to maintaining the UAE's leadership and competitiveness at the regional and international levels, he added.

 

WAM/Tariq alfaham/Amjad Saleh