[ad_1]
By Saifur Rahman
Abu Dhabi economic system recorded 11.6 p.c development within the first half of 2022, in comparison with the corresponding interval in 2021, in line with an announcement issued by the Statistics Centre – Abu Dhabi (SCAD), making it the fastest-growing economic system on the planet this 12 months, as per accessible info.
On the finish of the primary half of 2022, the true Gross Home Product (GDP) at fixed costs exceeded Dh543 billion, and the worth of the non-oil sectors’ GDP elevated Dh28.4 billion in comparison with the identical interval final 12 months to achieve Dh273 billion in complete.
“The expansion displays the emirate’s strong efficiency and the flexibility of the economic system to take care of competitiveness and maintain development regardless of world financial challenges,” the assertion stated.
Based on estimates by SCAD, the quarterly GDP development fee reached its highest worth in six (6) years in the course of the second quarter of 2022 which hit 11.7 p.c in comparison with the identical quarter final 12 months.
“The statistical estimates present that every one non-oil financial actions and sectors confirmed optimistic development charges at fixed costs in the course of the first half of 2022, most notably, the well being and social work exercise rising at a fee of 29.9 p.c, adopted by lodging and meals providers at a fee of 29.3 p.c, {and professional}, scientific and help providers at a fee of 27.2 p.c, wholesale and retail commerce exercise at a fee of 23.7 p.c, actual property actions at a fee of 19.1 p.c, and electrical energy, fuel, water, and waste administration at 18.0 p.c, adopted by 13.8 p.c for transportation and storage,” SCAD stated.
The information comes a number of days after the Worldwide Financial Fund stated the UAE economic system will develop at 6 p.c this 12 months, up from 3.8 p.c recorded final 12 months.
Ali Al Eyd, of the IMF, stated, “Financial development has been strong this 12 months, led by a powerful rebound in tourism, development, and exercise associated to the Dubai World Expo, in addition to greater oil manufacturing in step with the OPEC+ manufacturing agreements. General, GDP development is Ali Al Eyd projected to achieve above 6 p.c in 2022, enhancing from 3.8 p.c in 2021.
“Inflation has risen with world developments and is anticipated to common simply over 5 p.c this 12 months. Fiscal and exterior surpluses have elevated additional, benefiting from the upper oil costs in addition to the elimination of the momentary COVID-crisis associated fiscal help to companies and households because the pandemic has regularly waned. Elevated world uncertainty led to bigger monetary inflows, contributing to speedy actual property worth development in some segments.”
Manufacturing actions symbolize 8.1 of the emirate’s economic system, whereas exhibiting a development fee of 10.2 p.c. As well as, the development and constructing exercise contributed to the true GDP with 7.7 p.c, and achieved a development fee of 6.9 p.c, adopted by the wholesale and retail commerce exercise that contributed 5.9 p.c to the GDP. The monetary and insurance coverage actions contributed 5.5 p.c to the GDP, with a development fee of 9.1 p.c in the course of the first half of 2022 in comparison with the identical interval final 12 months.
Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Division of Financial Improvement (ADDED) stated:“Economic system’s optimistic development charges in Abu Dhabi mirror the profound energy and success of the financial diversification coverage, which contributed to the economic system’s resilience and skill to deal with world modifications posed by geopolitical and financial components that instantly affected strategic sectors resembling vitality and worldwide commerce.
“The Abu Dhabi economic system continues to reap the advantages of the efficient insurance policies guided by the sensible management to strengthen the pillars and foundations of the economic system, sustaining a aggressive efficiency whereas attracting investments with extra initiatives to attain the strategic aims of Abu Dhabi.”
The SCAD information reveals that the mining and quarrying actions (together with crude oil and pure fuel) contributed 49.7 p.c to the true GDP of Abu Dhabi emirate in the course of the first half of 2022, which implies non-oil actions contributed 50.3 p.c at fixed costs defying the noticeable will increase of worldwide oil costs throughout the identical interval.
“The rise within the non-oil sector’s contribution to the true GDP proves the success of the formidable strategic plans for diversifying the financial base in Abu Dhabi,” the assertion stated.
Ahmed Mahmoud Fikri, Director Common of the Statistics Centre – Abu Dhabi, stated: “Statistical estimates mirror the flexibility of Abu Dhabi’s economic system to maintain speedy development and reply shortly to plans and efforts to diversify the financial base and stimulus packages. The strategic plans and stimulus packages have produced large development, as most financial actions proceed to increase with full alignment of financial sectors on the emirate degree.”
The IMF stated, the UAE’s financial outlook stays optimistic, nevertheless with uncertainties.
Ali Al Eyd stated, “Trying forward, the UAE financial outlook stays optimistic, supported by home exercise. We count on non-hydrocarbon development to be round 4 p.c in 2023 and to speed up over the medium-term with the implementation of ongoing reforms. Inflationary pressures are projected to reasonable regularly, together with from the impression of tightening monetary circumstances. Additional growth of home capital markets, together with by way of the issuance of native forex debt by the federal authorities may even help development.
“Nonetheless, the outlook is topic to important exterior uncertainties, together with the impacts of worldwide financial and monetary headwinds, geopolitical developments, and the just lately introduced OPEC+ manufacturing cuts. Nonetheless, greater oil costs and wholesome fiscal buffers assist mitigate dangers, whereas enhancing reform efforts would pose upside dangers to medium-term development. Given the macroeconomic outlook, near-term insurance policies ought to deal with making certain sustainable development and sustaining monetary stability, whereas guarding towards inflationary outcomes.”
Additionally revealed on Medium.
[ad_2]
Source link
