UAE’s GDP shows growth by 3.8% in 2021, breaking all expectations

Gulf Today, Staff Reporter

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Thursday said that the UAE has made a great progress during the previous year, reflecting strength of the country’s solid economy.
Sheikh Mohammed said on twitter, “In a turbulent and changing world, the UAE has continued moving steadily forward. Our economy is on the rise, our path is accelerating, our competitiveness is moving upwards, our future is going to be good, God willing, and we assure our people that the future is better.”

This came in conjunction with announcing the UAE’s GDP for the year 2021, which achieved a high growth rate that exceeded estimates of the analysts and specialized international institutions, which confirms the strength of the country’s economic performance.

The Federal Competitiveness and Statistics Centre announced that the UAE’s GDP at constant prices has achieved a growth of 3.8 per cent, exceeding the estimates and expectations of the international institutions, which expected the growth of the country's GDP in 2021 to reach 2.1 per cent.

“The Federal Competitiveness and Statistics Centre announced the UAE's GDP in 2021, as the expectations of the financial international institutions were to achieve a growth of 2.1 per cent for our national economy, but we achieved 3.8 percent growth, which is higher than the 2019's growth and the region’s highest growth. The UAE’s GDP of 2021 at the current prices reached Dhs1.489 trillion,” Sheikh Mohammed said.

The Dubai Ruler stressed that strengthening and improving the local economic procedures and legislation has fostered the country's position as an environment that attracts investments on a continuous basis. In addition, success and integration of these policies also enhance the sustainable development and achievement of economic prosperity and a decent life for all citizens and residents of the country, as well as contributing to reinforcing leadership and competitiveness of the UAE at the regional and international levels, he added.