UAE: Constant Price GDP Exceeds $100 Billion in Q1

The UAE’s constant price of Gross Domestic Product (GDP) amounted to AED368.52 billion ($100.3 billion) in the first quarter of 2020, including AED252 billion for non-oil products, maintaining the record level recorded in the fourth quarter of 2019.

The UAE’s GDP at current prices amounted to AED362.8 billion in the first quarter of 2020, including AED282.61 billion for non-oil products, reported Emirates News Agency WAM, citing statistics of the Federal Competitiveness and Statistics Authority (FCSA).

These figures show that the country’s total oil output at constant prices, including extractive industries, such as oil and gas, grew by 3.3 percent in the first quarter of 2020, reaching AED116.574 billion compared to around AED112.82 billion in the same period of 2019.

The GDP of the non-financial sector, excluding the oil sector, amounted to some AED201.4 billion in the first quarter of 2020 at constant prices with a 54.6 percent contribution, while the GDP for financial and insurance activities amounted to around AED31.72 billion, with an 8.6 percent contribution to national GDP.

The GDP for public administration and social insurance amounted to AED18.83 billion in the first quarter of 2020.

Mohammed Hassan, Executive Director of the National Statistics and Data Sector at the FCSA, said that the UAE’s GDP figures for the first quarter of 2020 confirm the strength of the national economy, considering the current circumstances facing the entire world, and highlight its ability to handle economic crises.

In an exclusive statement to WAM, he stressed that the majority of GDP figures reflect positive indicators and predict future growth in non-oil activities.