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

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The United Arab Emirates’ economy shrank 6.1% last year, the nation’s statistics centre mentioned on Sunday citing preliminary data, because the coronavirus disaster hit a number of 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 mentioned in a report.

The non-oil economy shrank by 6.2%, it mentioned, with sectors comparable to lodging and meals companies declining by 23.6%, wholesale and retail commerce by 13.1% and development by 10.4%.

The economy is predicted to develop 2.5% this year, the central financial institution mentioned last month.

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