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ABU DHABI / WAM
The Federal Competitiveness and Statistics Centre (FCSC) announced that the country’s gross domestic product (GDP) grew at constant prices by 3.9 percent, and at current prices by 18.8 percent in 2021.
The centre’s data issued on Tuesday showed that GDP at constant prices increased to AED1.499 trillion in 2021 from AED1.442 trillion in 2020 while non-oil GDP at constant prices grew by 5.8 percent to AED1.087 trillion in 2021, compared to around AED1.028 trillion in 2020. According to the FCSC, the contribution of extractive industries, such as crude oil and natural gas, to GDP at fixed prices fell from 28.7 percent in 2020 to 27.4 percent in 2021, after declining by 0.7 percent from AED414.175 billion to AED 411.39 billion last year.
The oil GDP growth is anticipated to grow 8 percent in 2022, due to the expected recovery in global demand.