UAE Economic system Shrank 6.1% Final 12 months Amid COVID-19 Disaster
“The nation’s financial system is linked via international commerce, international funding, tourism and the logistical sector with the motion of commerce and funding and world transportation, which declined considerably in 2020 worldwide,” the Federal Competitiveness and Statistics Centre stated in a report.
The non-oil financial system shrank by 6.2%, it stated, with sectors equivalent to lodging and meals providers declining by 23.6%, wholesale and retail commerce by 13.1% and development by 10.4%.
The financial system is anticipated to develop 2.5% this 12 months, the central financial institution stated final month.
(Reporting by Davide Barbuscia; Modifying by Susan Fenton)