Dubai's economy to grow by 4.5% in 2022

Dubai's economy to grow by 4.5% in 2022

All major sectors of the economy are growing this year.

The trend of overall economic growth began in the second quarter of last year, although the first signals can be traced back to December 2020.

According to the Dubai Statistic Center, in the first 9 months of 2021, the economy grew by 6.3% year on year. After contracting by 3.7% in the first quarter, the economy expanded by 17.8% and 6.3%, respectively in the second and third quarters of 2021.

The local housing market, the recovery in the tourism sector, and the trade sector keep growing.

The research department of the Emirates State Bank NDB has published data that Dubai's economy grew by 5.5% in 2021 and will increase by another 4.5% in 2022. The growth will affect all major sectors, but more than others: tourism, food industry, real estate, retail, transport, industrial production, and the financial sector.

The growth will be moderate and restrained by several factors, including the slowdown in global economic growth, higher interest rates on loans, and the strengthening dollar exchange rate.

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