The Central Bank: 7.6% expected growth in the country's gross domestic product during 2022

The Central Bank reported positive indicators across all sectors of the economy in the third quarter. It also raised its expectations for growth in real GDP to 7.6% by the end of the current fiscal year 2022. This is an improvement on its previous estimates of 6.5%.

Increasing employment and wages have led to strong consumption growth

The Central Bank: 7.6% growth in country's gross national product expected during 2022

Positive indicators were found by the Central Bank in all sectors of the economy.

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The Central Bank reported positive indicators across all sectors of the economy in the third quarter. It also raised its expectations for growth in real GDP to 7.6% by the end of the current 2022. This is an improvement on its previous estimates of 6.5%.

The Central Bank's economic report for the third quarter 2022 confirmed strong domestic consumption growth, with an increase in employment in the private sector and higher wages than the period prior to the 'Covid-19 pandemic.

Local production

The Central Bank reported in its economic report for the third trimestre of this year that gross domestic product continued to grow strongly in the UAE after increasing in the first half. This was supported by an increase in oil production and a significant improvement of non-oil domestic products. .

The Central Bank forecasts that the country's real GDP will grow by 7.6% in 2017, supported by both oil and non-oil industries.

The Central Bank stated that it had revised its forecasts for non-oil GDP Growth, which was to increase by 6.1% and 4.2% this year.

Oil production

The Central Bank reported that the average oil production for the third quarter was 3.17 million barrels per hour, despite the steady rise in real oil gross domestic products in the second quarter 2022.

He said that the country's hydrocarbon domestic product grew by 13% annually, according to the agreements of "OPEC Plus", and pointed out that the growth rate in the first nine months of 2015 was 14.3% compared with the same period last.

He also stated that OPEC had agreed to cut oil production by 2 million barrels per hour starting in November 2022. This led to the Central Bank revising its forecast for real oil GDP growth to 11% for the current and 3% for 2023.

According to the Central Bank, these expectations are dependent on the outcome of the conflict between Russia and Ukraine as well as the possibility of slowing down in global economies' performance, which could lead to further production cuts.

Government revenue

According to the Central Bank's report, government revenues rose by 46.7% in the first half of 2015 to reach 305.6 billion dirhams. This was due to the rise in taxes and social contribution.

He said that the spending total for the first six months of the year was 187.6 trillion dirhams. This is an increase of 4.9% over the same period last years.

He said that the consolidated public finances balance had a surplus in the amount of 118 billion dirhams. This is compared to the surplus of 29.5 million dirhams recorded during the first half last year.

Private sector

The report emphasized that the UAE has a dynamic private sector that benefits from investment-attractive strategies and legislation as well as banking support, as private sector financing increased by 4.9% by the end of September 2022 on an annual basis compared to the same period in 2021.

He noted that the Purchasing Managers Index rose due to the strong expansion of commercial activity and high demand. This led to an increase production as well as a rise for the business confidence index which reached 109.8 for the third quarter. With a rate of 61%, manufacturing companies were still optimistic. The third quarter of 2022 saw an improvement in economic conditions.

Domestic consumption

The Central Bank report states that domestic consumption was strong in the third quarter. This is due to the substantial rise in employment and wages in private sector, which reached higher levels than the pre-COVID-19 period.

Insurance

According to the report, the country's insurance sector continued to operate during the third quarter. This is evident in the rise in insurance policies and the increase of written premiums. The third quarter saw 36.7 billion dirhams recorded. This was due to an increase of property and liability insurance premiums of 20.7%, and an increase of health insurance premiums of 1.9% annually.

Dubai real estate

The Central Bank's economic report for the third trimestre of 2012 confirmed that Dubai's real estate sector saw a strong recovery in both off-plan and secondary real estate sales. Secondary real estate sales recorded the highest volume and value over a 12-year period.

Dubai property sales prices rose by an average of 25.5% annually, while the rental yield increased by 5.3%.

46.7%

A rise in government revenues to 305.6 trillion dirhams during 2022's first half.

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