UAE economy grew 7.6% in 2022

Published March 2nd, 2023 - 08:03 GMT

ALBAWABA- The gross domestic product of the United Arab Emirates grew by 7.6 percent in 2022.

According to Emirati media, the UAE Minister of Economy, Abdulla bin Touq Al Marri, has stated that the economic growth achieved by the UAE in 2022 is the "fastest in more than a decade".

He pointed out that the UAE economy achieved a growth rate of 8.5 percent in the first half of 2022, which is an "unprecedented rate historically".

The growth rate was higher than expected, as the International Monetary Fund had previously expected that the UAE  economy would grow by 5.1 percent in 2022.

The rise in oil prices played a major role in the UAE economy in 2022, in addition to sectors such as tourism, real estate and transportation.

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