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

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

Topics
United Arab Emirates | Crude Oil | Global economy

Reuters  |  DUBAI 

People watch the sunset in Dubai, United Arab Emirates. (Photo: Reuters)
People watch the sunset in Dubai, United Arab Emirates. (Photo: Reuters)

DUBAI (Reuters) - The United Arab Emirates' 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 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 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.

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First Published: Mon, May 03 2021. 00:23 IST
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