Media Center
DATA FOR A BETTER FUTURE
Positive Growth Rates Surpass Expectations: UAE Economy Demonstrates Resilience with a 7.9% Growth in Gross Domestic Product (GDP).
Abdullah bin Touq:
· The UAE government adopts an innovative economic model that serves its future vision through the adoption of flexible economic policies that align with global changes.
· The numbers confirm the robust economic performance of the country, achieving positive growth rates that exceeded the estimates of analysts and specialized international institutions.
· Estimates of the Gross Domestic Product (GDP) at current prices for the year 2022 exceeded 1.86 trillion dirhams, and at constant prices, 1.62 trillion dirhams.
Dubai, June 25 (WAM) – Minister of Economy Abdullah bin Touq Al Marri affirmed that the preliminary estimates for the Gross Domestic Product (GDP) of the UAE for the year 2022, issued by the Federal Competitiveness and Statistics Center, confirm the resilience of the country’s economic performance. It achieved positive growth rates that exceeded the estimates of analysts and specialized international institutions. The GDP of the country in 2022, at constant prices, reached 1.62 trillion dirhams, achieving a positive growth of 7.9%. At current prices, it reached 1.86 trillion dirhams, with an increase exceeding 337 billion dirhams compared to 2021, achieving a growth of 22.1%. This reflects the wisdom of the economic policies pursued by the government of the UAE and confirms the strength and stability of the UAE economy amid the global economic conditions and geopolitical repercussions.
His Excellency said: " The government of the United Arab Emirates, thanks to the visionary leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, the President of the State, may God preserve him, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President of the State, the Prime Minister, the Ruler of Dubai, may God protect him, works on building an innovative economic model that serves its future vision. This is achieved by adopting flexible economic policies that rely on speed and accuracy in responding to global changes. The government also embraces stimulating economic strategies, proactive economic plans based on economic diversification, and improvements in economic procedures and legislation. This preserves the country’s status as an attractive investment environment continuously, enhances foreign trade, and openness to the world as a component of international economic relations. The success and integration of these policies meet the requirements of sustainable development, achieve economic prosperity, and ensure a decent life for all citizens and residents of the country. Moreover, they contribute to establishing the leadership and competitiveness of the UAE at both regional and international levels."
H.E Hanan Ahli, Director of the Federal Competitiveness and Statistics Centre, commented, "The results and figures achieved confirm that the country’s economy continues to grow, both at the overall level and in terms of key economic sectors and activities. This contributes to reinforcing the policy of economic diversification by increasing the relative importance of non-oil activities in the national economy. It aligns with the state’s economic policies to reduce reliance on the oil economy, establish a knowledge-based and innovative economy, and enhance non-oil national industries."
Her Excellency added, "The per capita share of the Gross Domestic Product (GDP) in the UAE has grown by an unprecedented rate of 24.7% over the past six years, despite the annual increase in the population. In 2022, the per capita share of the GDP achieved a growth rate of 21.1% compared to 2021, confirming the resilience and success of the UAE economy. It also affirms the success of the economic policies pursued by the government in achieving prosperity and a high quality of life in the society of the UAE."
Enhancing the growth of the country’s Gross Domestic Product (GDP) in 2022.
The activation of innovative economic initiatives related to non-oil sectors and activities positively contributed to enhancing the growth of the country’s Gross Domestic Product (GDP) in 2022. The GDP at constant prices amounted to 1 trillion, 623 billion, and 517 million dirhams. The non-oil GDP at constant prices reached 1 trillion, 174 billion, and 615 million dirhams, achieving positive growth across vital sectors.
According to preliminary estimates of the Gross Domestic Product released by the Federal Competitiveness and Statistics Center, the value added to transport and storage activities had the largest share of growth in the GDP at constant prices, unprecedentedly reaching 20.2% compared to 2021. This was driven by an increase in international flight passengers and the country’s growth in air transport movements, with national airlines achieving the highest growth rate in recent years in this tourism-related sector.
The accommodation and food services sector, reflecting hotel and restaurant activities, also experienced significant growth of 13.2%. Additionally, health and social services activities demonstrated remarkable growth, reaching 13% compared to 2021.
The non-oil sectors played a crucial role in supporting the national economy and enhancing the growth of the country’s Gross Domestic Product (GDP). The manufacturing industries achieved added value in the GDP amounting to 179 billion dirhams, registering a growth rate of 8.7% compared to 2021. The most significant contribution of non-oil sectors to the GDP was represented by the value added in the wholesale and retail trade activity, reaching approximately 206 billion dirhams. This accounted for a contribution rate of 12.7% to the UAE’s overall GDP.
Real estate activities also experienced growth in 2022, amounting to 12% with a value of around 90 billion dirhams in GDP at constant prices. The positive growth in non-oil activities also had a favorable impact on the financial and insurance sector, which achieved a growth rate of 8.4%, contributing 134 billion dirhams to the overall constant GDP in 2022.
The UAE delegation has recently participated in the meetings of the 55th session of the United Nations Statistical Commission, held in New York City. This event stands as the largest international gathering of statistics and data science experts globally, drawing the heads and directors of statistical entities and data centres from various countries. The assembly also saw participation from academics, experts, and consultants in UN bodies and international organisations.
The UAE delegation included leaders from the Federal Competitiveness and Statistics Centre (FCSC), and local statistics centres including the Statistics Centre – Abu Dhabi (SCAD); Digital Dubai represented by Dubai Data and Statistics Establishment (DDSE); the Department of Statistics and Community Development (DSCD) in Sharjah; Ajman Statistics justify; Ras Al Khaimah Statistics justify (RAKSC); and the Federal Authority for Identity, Citizenship, Customs & Port Security.
During its participation in the meetings, the delegation announced its adoption of the United Nations Statistical Commission’s decision proposal to initiate the World Population and Housing Census Programme for the year 2030. The statistical community in the country will commence work on implementing the proposal, positioning the UAE as the first in the world to incorporate this update into its international-level statistical agenda.
The delegation participated in meeting sessions and workshops, surrounding specialised activities and sessions addressing fundamental principles of official statistics, data science, open data, governance statistics, climate change statistics, integration of statistical and geospatial information, the International Comparison Program (ICP), services statistics, statistics related to aging, disaggregated data by age, demographic statistics, human development, and health statistics. Additionally, the agenda covered data and indicators related to the 2030 Sustainable Development Goals (SDGs) Plan.
The delegation emphasised that the practices and digital environment in the UAE have enhanced readiness and led to significant advancements in census implementation. This progress included the utilisation of artificial intelligence tools for data collection and processing, facilitated by effective partnerships between the government and private sectors. These collaborations extend to analysing spatial data for censuses and linking them to essential services for the population, thereby enhancing overall well-being.
The UAE delegation engaged in discussions with officials from various international organisations, including the United Nations Conference on Trade and Development (UNCTAD). They discussed the means of exploring opportunities for collaborative efforts to enhance the measurement of foreign direct investment, aligning with the latest practices and key private standards in data collection and calculation methodologies.
The delegation also met with representatives from statistical offices in various countries, including Statistics Sweden, Statistics Austria, the National Institute of Statistics and Economic Studies in France, Stats New Zealand, the Brazilian Institute of Geography and Statistics, the Statistics Bureau of Japan, and the Korean Statistical Information Service. The meetings aimed to exchange statistical experiences and explore opportunities for enhancing cooperation, particularly in the context of updating the United Nations big data platform for the Sustainable Development Goals. Notably, the UAE is among the four countries worldwide selected as regional headquarters for the platform.
Her Excellency Hanan Mansour Ahli, Head of the UAE delegation and Director of the Federal Competitiveness and Statistics Centre, emphasised the importance of strengthening international collaboration with organisations and partners in the fields of statistics and data science. She highlighted the need for concerted international efforts to leverage big data for the betterment of societies.
Additionally, she highlighted the importance of formulating initiatives to enhance government policies and fostering innovative partnerships between the government and private sectors. These collaborations aim to achieve the strategic goals set by the wise leadership of the UAE, enhance the well-being of communities, and underscore the necessity of working as a global community to unify efforts and design effective solutions for a better tomorrow for humanity.
The first meeting of 2024 for the UAE National Committee on Sustainable Development Goals (SDGs) took place during the "SDGs in Action Forum" at the World Governments Summit held in Dubai from February 12 to 14.
Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, Vice Chairman of the National Committee on SDGs, emphasised the importance of collaboration between all government bodies, and intensifying national efforts to achieve the sustainable development goals, and work to support partnerships to target the UAE sustainable development agenda.
The meeting was chaired by Her Excellency Hanan Mansour Ahli, Director of the Federal Competitiveness and Statistics Centre (FCSC), who holds the role of the secretariat of the National Committee on Sustainable Development Goals. Her Excellency appreciated the efforts of the committee members in activating various national and international projects and initiatives, which contribute to a positive impact and building a sustainable future for the next generations.
Stressing the UAE’s leadership role in the field of sustainable development at the global level, His Excellency Abdulla Nasser Lootah said: “The committee meeting serves as a testament to the UAE’s unwavering commitment to guiding sustainable development towards a more expansive horizon. Additionally, it underscores a profound understanding of the essential role of teamwork and close collaboration between the government and private sectors, not only in shaping strategies but also in executing them effectively".
Lootah confirmed that the UAE contribution to achieving the desired progress aims to ensure that no one is left behind, through achieving sustainability at various sectors and cooperation with societies is essential to achieve the 2030 goals.
The “SDGs in Action Forum" engagements at the World Government Summit 2024 were presented during the meeting; which includes the representation of ministers, UN officials, decision makers and representatives of prominent international organizations from all over the world in 13 sessions, and more than 300 participants. The Committee also, adopted the UAE National Data Action Plan for the Sustainable Development Goals, which aims to measure the progress made in data analysis at the national level and ensure its accuracy.
Her Excellency Hanan Ahli said: “Recent data shows that progress towards the sustainable development goals is at the midway point and remains incomplete. Countries must intensify their efforts to enhance the availability of data concerning the 17 sustainable development goals, which aim to secure a better and more sustainable future for all. These goals are designed to tackle the global challenges confronting us."
Her Excellency added: “The availability of data on SDGs in Arab countries shows continuous improvement, with a notable 6 percent increase recorded between 2020 and 2023. According to data provided by the ESCWA organization, which has established a network of specialized technical teams to monitor completed data periodically and track achievements in real-time, there has been a significant advancement. It is noteworthy that the UAE has made remarkable strides in achieving sustainable development goals, reaching a rate of 42%, far surpassing the regional average performance of 14%, as reported by the Arab SDG Monitor by ESCWA".
His Excellency Mohammed Hassan, Executive Director of the National Statistics and Data Sector at FCSC, emphasised the importance of the statistics and data sector in knowledge exchange, which contributes to an important economic role equivalent to oil. This shift is attributed to the utilisation of technologies like artificial intelligence and digital technology, which significantly contribute to shaping future economies. The data revolution is seen as instrumental in realising strategic goals and fostering comprehensive sustainable development plans at local, regional, and global scales.
His Excellency further stressed that big data serves as the fundamental cornerstone for maximising the potential of artificial intelligence. It plays a crucial role in empowering this cutting-edge technology to fulfil one of its most critical functions: forecasting. This process proves invaluable in data-driven strategic planning initiatives.
The National Committee on SDGs was established to execute the 2030 Sustainable Development Goals at the national level. Its objectives include aligning the UAE’s priorities with those of the United Nations, as well as facilitating the exchange of experiences among local and international stakeholders and partners. This aims to broaden the pool of active participants in implementing the United Nations’ agenda for SDGs.
Close X
Date will get updated
test
