The UAE’s economy recorded substantial growth in 2021 despite turbulence in a changing world.
“Our economy is growing, our journey is accelerating, our competitiveness is advancing upwards, our future is going to be promising, and we assure our people that the best is yet to come,” said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Thursday in a series of tweets.
The tweets came after the Federal Competitiveness and Statistics Centre announced the UAE’s Gross Domestic Product (GDP) at constant prices.
The UAE’s GDP for 2021 has broken international economic expectations, registering the highest rate in the region of Dh1.489 trillion.
The Centre announced that UAE’s GDP at constant prices has achieved a growth of 3.8 per cent, exceeding the estimates and expectations of international institutions, which expected the growth of the country’s GDP in 2021 to post 2.1 per cent.
Sheikh Mohammed said, “The Federal Competitiveness and Statistics Centre has announced the UAE’s GDP for 2021. While international organisations expected our national economy to grow by 2.1 per cent, we achieved a growth rate of 3.8 per cent in 2021 (higher than the growth of 2019).”
Sheikh Mohammed affirmed that enhancement and improvement of local economic procedures and legislation has entrenched the UAE’s position as a favourable environment that continuously attracts investments.
He added that other economic strengths include supporting foreign trade and opening up to the foreign world, in line with the country’s international economic relations policy.
“Success and integration of these policies also meet requirements for the sustainable development and achievement of economic prosperity and a decent life for citizens and residents of the country, as well as contributing to maintaining the UAE’s leadership and competitiveness at the regional and international levels,” he said.
