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UAE economy shrank 6.1% last year amid COVID-19 crisis -preliminary data – Metro US

UAE economy shrank 6.1% last year amid COVID-19 crisis -preliminary data

General view of the exterior of the Dubai mall during
General view of the exterior of the Dubai mall during the holy month of Ramadan in Dubai

DUBAI (Reuters) – The United Arab Emirates’ economy shrank 6.1% last year, the country’s statistics centre said on Sunday citing preliminary data, as the coronavirus crisis hit several key sectors.

“The country’s economy is linked through foreign trade, foreign investment, tourism and the logistical sector with the movement of trade and investment and global transportation, which declined significantly in 2020 worldwide,” the Federal Competitiveness and Statistics Centre said in a report.

The non-oil economy shrank by 6.2%, it said, with sectors such as accommodation and food services declining by 23.6%, wholesale and retail trade by 13.1% and construction by 10.4%.

The economy is expected to grow 2.5% this year, the central bank said last month.

(Reporting by Davide Barbuscia; Editing by Susan Fenton)

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