UAE’s Federal Competitiveness and Statistics Authority (FCSA) has revealed statistics highlighting the country’s Gross Domestic Product (GDP) for the first quarter of 2020.
The UAE’s constant price of GDP amounted to $100.33 billion in the first quarter of 2020, including $68.61 billion for non-oil products, therefore, maintaining the record level recorded in the fourth quarter of 2019.
The country’s GDP at current prices amounted to $98.77 billion in the first quarter of 2020, including $76.94 billion for non-oil products.
These figures imply that the country’s total oil output at constant prices, including extractive industries, such as oil and gas, increased by 3.3 percent in the first quarter of 2020 to touch $31.74 billion compared to around $30.72 billion in the same period of 2019.
The GDP contribution of the non-financial sector, excluding the oil sector reached some $54.83 billion in the first quarter of 2020 at constant prices to represent 54.6 percent of the total GDP amount, while the GDP for financial and insurance activities amounted to around $8.64 billion, with an 8.6 percent contribution to national GDP.
The GDP for public administration and social insurance amounted to $5.13 billion in the first quarter of 2020.
Mohammed Hassan, Executive Director of the National Statistics and Data Sector at the FCSA, said that the UAE’s GDP figures for the first quarter of 2020 confirm the strength of the national economy, considering the current circumstances facing the entire world, and highlight its ability to handle economic crises.
He stressed that the majority of GDP figures reflect positive indicators and predict future growth in non-oil activities.