The UAE’s gross domestic product (GDP) grew at a robust 18.8 percent in 2021 on a current prices-basis, apparently making it one of the fastest growing economies globally.
On a constant prices-basis, however, the country’s GDP growth was at 3.9 percent, the Federal Competitiveness and Statistics Centre (FCSC) said.
According to data released by FCSC on Tuesday, the GDP at constant prices increased to AED1.499 trillion in 2021 from AED1.442 trillion in 2020.
The UAE’s 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 centre, the contribution of sectors such as crude oil and natural gas to the country’s GDP at fixed prices registered a 0.7 percent decline last year to 27.4 percent – AED411.39 billion in absolute terms – from 28.7 percent in 2020 at AED414.175 billion.
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