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The UAE’s overall GDP is projected to grow by over 6% in 2022, after increasing by 3.8% in 2021. The growth has been propelled by a rebound in tourism, construction, and activity related to Expo 2020 Dubai, the International Monetary Fund (IMF) explained.
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The UAE's foreign trade for the first six months of this year exceeded Dh1 trillion ($272 billion), compared with Dh840 billion for the same period before the pandemic. The tourism sector’s revenue topped Dh19 billion during the first half of this year and total hotel guests in the same period reached 12 million. Growth in the number of hotel guests climbed 42%, compared with the same period before the pandemic.
Why it matters
Despite global economic uncertainty and headwinds, higher oil prices and healthy fiscal buffers have helped the UAE stay strong. While oil prices have declined from well above $100 a barrel and were at a near two-month low on Monday, due to a slowing global economy and a potential drop in demand from China, Brent, the benchmark for two-thirds of the world’s crude, is still up 13 percent year to date. Coupled with growing foreign trade in non-oil sectors the nation is well-placed to manage against global pressures.
