Sector’s contribution to GDP set to cross Dh180 billion by year-end

Abu Dhabi: The travel and tourism sector’s contribution to the UAE’s gross domestic product grew 60.2 per cent in 2022 to nearly Dh167 billion, it was revealed on Tuesday, and is set to reach Dh180.6 billion by the end of 2023, an 8.3 per cent growth over the previous year.

An Economic Integration Committee meeting, chaired by Abdulla bin Touq Al Marri, Minister of Economy, and attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, discussed a range of key economic issues, including access to legislation supporting the growth of new economy sectors in the UAE, as well as cooperation between the federal and local authorities concerned with the implementation of these laws.

In his opening speech, the economy minister reviewed prominent economic growth indicators achieved by the UAE in 2022, including GDP growth that totalled Dh1.62 trillion at constant prices, up 7.6 per cent, whereas current prices reached Dh1.86 trillion, growing by more than Dh337 billion, up 22.1 per cent from 2021.

According to a report by the World Tourism and Travel Council, international visitor spending reached Dh117.6 billion in 2022, up 65.3 per cent from 2021, while domestic tourism spending totalled Dh46.9 billion in 2022, up 35.7 per cent. The minister explained that these indicators underscore the importance of the tourism sector in promoting the growth and competitiveness of the national economy and driving the country’s sustainable development in light of the principles of the 50.

“The committee, in collaboration with federal and local stakeholders, continues to work expeditiously to finalise the establishment of the national economic register across all emirates, relying on the latest practices in this regard. The move will contribute to ensuring competitive and integrated economic ecosystem supported by a comprehensive database of UAE registered companies along with sectoral economic policies based on comprehensive, accurate and current data,” he said.

SOURCE&CREDITS: gulfnews.com