The Central Bank confirmed that the levels of employment and wages recorded in the first quarter of this year their highest level in 10 years, specifically since 2012, which reflected positively on domestic consumption.
Employees and wages
The Central Bank clarified in the quarterly review report for the first quarter of this year 2022 that, based on the wages protection system data, the number of employees and wages increased by 8.1% and 4.9% on an annual basis, respectively, at the end of last March, to reach Its highest level since the start of the data series in 2012.
And the “Central” report indicated that the survey of business conditions indicates that business expectations during the first quarter of this year were optimistic regarding all variables, amid the high market demand for goods and services, and the proximity of commercial operations to pre-Covid-19 levels. Increasing projects and the number of dealers.
The Central Bank of the Emirates revealed a strong performance of the total real GDP of the UAE during the first quarter of this year 2022.
He added that estimates indicate an increase in the total real GDP during the first quarter of this year by 8.2% on an annual basis.
The Central Bank attributed the strong performance to the increase in oil production, as well as the noticeable improvement in real non-oil GDP, expecting real GDP to grow by 5.4% and 4.2% in 2022 and 2023, respectively.
He added that estimates indicate that the country's hydrocarbon GDP increased on an annual basis by 13% during the first quarter of this year, in line with the "OPEC Plus" agreements.
The Central Bank expected the oil GDP to grow by 8% and 5% in 2022 and 2023, respectively, while it expected the non-oil GDP to increase by 4.3% and 3.9% in 2022 and 2023, respectively.
He stated that estimates indicate that the non-hydrocarbon sector increased by 6.1%, on an annual basis, during the first quarter of this year, benefiting from the removal of many restrictions related to “Covid-19”, and the recovery of global travel activity, as the country continued to play a leading role. globally to contain the spread of the virus.
wholesale and retail
The Central Bank stated that the wholesale and retail trade sector is still showing strong signs of recovery, exceeding the levels of 2019, as it recorded a growth of 4.5% in total consumer spending last year, while its future outlook for 2022 is positive.
He added that real estate activities are the fourth most important non-hydrocarbon sector, noting that the real estate market in the country witnessed, during the first quarter of this year, a significant increase in activity levels and performance.
The Central Bank confirmed that the insurance sector in the UAE continued to grow in the first quarter of 2022, as evidenced by the increase in the number of insurance policies, the total written premiums, and the increase in the number of insurance-related entities.
Gross written premiums increased, on an annual basis, by 4.6% in the first quarter of 2022 to 15.8 billion dirhams, mostly due to an increase in property and liability insurance premiums by 12.2%, and health insurance increased, on an annual basis, by 2.5 % in the first quarter of 2022.
The total number of insurance policies increased, on an annual basis, by 10.4% in the first quarter of 2022 to 2.3 million policies, compared to 2.1 million policies in the first quarter of 2021, while this increase is mostly attributed to property and liability insurance policies.
Read also :