The UAE’s gross domestic product (GDP) hit AED 1.62 trillion at constant prices in 2022, marking a growth of 7.9%, according to the Federal Competitiveness and Statistics Centre.
Meanwhile, it stood at AED 1.86 trillion at current prices, higher by 22.1% and over AED 337 billion compared to 2021.
Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, said the preliminary estimates of the UAE’s GDP for 2022 reflect the robustness of the country’s economic performance and its achievement of positive growth rates that exceeded estimates.
Al Marri indicated that the UAE’s government is working to build an innovative economic model that serves its future vision by adopting flexible economic policies that rely on speed and accuracy in responding to global changes.
“This maintains the country’s position as an environment that attracts investments on an ongoing basis, and promotes foreign trade and openness as one of the components of international economic relations,” the minister noted.
He added: “The success and integration of these policies also enhance the requirements of sustainable development, achieving economic prosperity and a decent life for all citizens and residents of the country, and contributes to the UAE’s leadership and competitiveness at the regional and international levels.”
On her part, Hanan Ahli, Director of FCSC, underlined that the results and figures achieved highlight the continuous growth of the UAE’s economy, which contributes to boosting the economic diversification policy by increasing the relative importance of non-oil activities in the national economy.
“The UAE’s GDP per capita has grown during the past six years by an unprecedented rate of 24.7% despite the annual increase in the population, while the 2022 GDP per capita grew by 21.1% compared to 2021, which reaffirms the success of the economic policies pursued by the government in achieving prosperity and advancing the quality of life in the UAE society,” Ahli mentioned.