2023-08-02 09:34:03
The economy of the UAE, known as the paradise of expatriate Malayalis, is booming beyond the forecasts. In the first quarter of 2023, the gross domestic product (GDP/GDP) grew by 3.8 percent, said Abdullah bin Tauq Al Marri, Minister of Economic Affairs of the UAE.
Growth in the first quarter was higher than the 3.3 percent annual growth forecast by the UAE’s central bank. The UAE also managed to beat the growth projections expected by the World Bank (2.8%) and the IMF (3.5%).
41,830 crores
The UAE’s GDP stood at AED 41,830 crore (Rs 9.40 lakh crore), up by AED 1,500 crore (Rs 33,722 crore) in the first quarter.
Non-oil GDP value increased by Dh1,350 crore (Rs 30,349 crore) to Dh31,200 crore (Rs 7.01 lakh crore); Growth 4.5 percent. The minister said that the economic reforms of the government with a view to the future have made better growth possible.
The transport and storage sector provided the best support with a growth of 10.9 percent. Construction sector grew by 9.2 percent, accommodation and food services sector by 7.8 percent, finance and insurance sector by 7.7 percent. The growth of the wholesale and retail sector is 5.4 percent.
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