Central bank forecasts UAE economy increased 8.2 percent in Q1

2022-07-25 03:41:38

(MENAFN) The central bank stated on Wednesday that the United Arab Emirates’ economy increased by approximately 8.2 percent in the January-March period of this year, sustained by increased oil production.

Real gross domestic product (GDP) is estimated to rise by 5.4 percent in 2022 as well as 4.2 percent in 2023, the central bank stated.

There was a high chance of robust expansion because of increased oil output and a government promised to double the production area’s capacity by 2031.

Hydrocarbon GDP jumped a nearly 13 percent in the January-march period, whereas oil production average 2.95 million barrels a day.

The central bank stated that “Shocks to global oil supply and demand have added to oil price volatility and bolstered the level of the price. Depending (on) the developments in global economic activity, recessionary expectations and geopolitical tensions, there may be space for increased oil supply to balance the markets and stimulate global growth.”

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