Mustafa Abdel Azim (Dubai)
In the first quarter of 2022, the gross domestic product of the UAE recorded growth of 8.4% at constant prices and of 22.36% at current prices, according to the latest data from the Federal Center for Competitiveness and Statistics.
The data showed an increase in gross domestic product at current prices in the first quarter of this year to 1.58 trillion dirhams (430.7 billion dollars), compared to 1.29 trillion dirhams (351.9 billion dollars). dollars) in the same quarter of last year, while it increased at constant prices from 1.35 trillion dirhams ($ 368.1 billion) in the first quarter of 2021, to 1.46 trillion dirhams ($ 399.19 billion) in the first quarter of 2022.
The data indicate that non-oil GDP grew at constant prices in the first quarter of this year by 8.84%, after rising to 1.07 trillion dirhams (293.38 billion dollars), compared to 989, 2 billion dirhams (269.54 billion dollars) in the same quarter last year. , to constitute about 73.2% of the country’s gross domestic product in the first quarter of this year, while it grew at current prices by 16.09%, rising to about 1.16 trillion dirhams (316.99 billion dollars), compared to about one trillion dirhams (273.0 billion dollars) in the same quarter last year.
According to data from the center, the contribution of extractive industries – which includes crude oil and natural gas – to GDP at constant prices during the first quarter of this year fell to 26.5%, compared to 26.8% in the same quarter. last year, despite the increase in the value of the sector to 388.2 billion dirhams ($ 105.8 billion), compared to 361.7 billion dirhams ($ 98.56 billion) in the same quarter of 2021, due to the high contribution of other non-oil sectors.
Non-oil sectors
According to the data, the wholesale and retail trade and automotive and motorcycle repair sector tops the list of the top 6 non-oil sectors contributing to GDP at constant prices in the first quarter at 12.5%, with a value of 183 billion dirhams (49.94 billion dollars), while the contribution of manufacturing industries was about 10.7% of production, with a value of 156.1 billion dirhams (42.54 billion dollars ), followed by the financial and insurance sector, whose contribution rate stabilized at 8.9%, reaching 130.5 billion dirhams (35.57 billion dollars), then the construction and construction with a contribution rate of 8.1%, equal to approximately 118.5 billion dirhams (32.29 billion dollars), while the contribution of real estate activities was approximately 5.4%, equal to 79.1 billion dirhams (21.57 billion dollars), and the transport and de The deposit contributed 4.8%, equal to 70.9 billion dirhams (19.32 billion dollars).
Production growth of 3.9% in 2021
Data from the Federal Center for Competitiveness and Statistics on the UAE’s Gross Domestic Product for the year 2021 showed a growth in production at constant prices of 3.9% and current prices of 18.8%. GDP at constant prices over the past year was over 1.499 trillion dirhams, compared to around 1.442 trillion dirhams in 2020, while non-oil GDP at constant prices grew 5.8% to 1.087 trillion dirhams in 2021. , compared to 1,028 trillion dirhams in 2020. Data showed that GDP at current prices increased in the last year to 1.524 trillion dirhams, compared to 1.283 trillion dirhams in 2020, while non-oil GDP at constant prices increased. 8.5% from 1,061 trillion dirhams in 2020 to 1,151 trillion dirhams in 2021.
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