Higher oil production drives UAE’s economy 8.2% higher during Q1

RIYADH: Higher oil production has increased UAE’s total real gross domestic product by an estimated 8.2 percent on an annual basis during the first quarter of 2022, Emirates News Agency reported, citing the country’s central bank.  

Alongside the increase in oil production, the performance was attributed to improvement in real non-oil GDP as well, expecting real GDP to grow by 5.4 percent and 4.2 percent in 2022 and 2023, respectively.

Hydrocarbon GDP climbed an estimated 13 percent on an annual basis during the first three months, in line with the Organization of the Petroleum Exporting Countries’ agreements, the central bank added. 


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