7.8% salary increase and 3.1% increase in employment rate at the end of last year

The Central Bank said, “The promotion of private and public investment was also reflected in the rise in employment rates, which increased by 3.1% year-on-year in December 2021. The average salary also increased by 7.8%, according to the data of the wage protection system in the Central Bank.

He stressed, "The UAE's non-oil GDP grew by 7.8% in the last quarter of last year as a result of easing closures and easing restrictions on international transport and travel."

In the quarterly review report for the fourth quarter of 2021, he said that the growth of non-oil GDP for the year 2021 as a whole reached 3.8%, while the total oil production contracted by 1.4% last year.

Last year's GDP growth reached 2.3 percent.

The report pointed out that the UAE’s oil production rose by about 9.3% in the fourth quarter of last year on an annual basis in line with the OPEC + agreement, which contributed to raising the real GDP growth rate of the oil sector, although it remained negative at 1.4% in 2021.

The Central expected that the gross domestic product will grow at a rate of 4.2% this year and 3.3% in 2023. It is likely that the oil output will grow by about 5% this year and at a rate of 3.4% in the next, and that the non-oil output will grow by 3.9% in 2022 and 3.3 % next year.

He said, "The UAE continues its leadership in containing the spread of the Corona virus, which has positively reflected on the pace of recovery. At the end of the fourth quarter, the proportion of fully vaccinated recipients of the eligible population reached 92%, while 100% of them received at least one dose.

The Central Bank indicated that the inflation rate accelerated in the last quarter of last year to 2.3% on an annual basis on average, compared to 0.6% in the third quarter, as a result of the increase in the prices of both tradable and non-tradable goods and services.

Follow our latest local and sports news and the latest political and economic developments via Google news