UAE Economy Contracts by 6.1% Due to Pandemic

The Emirates Federal Competitiveness and Statistics Centre (FCSC) revealed on Sunday that the UAE economy contracted by 6.1% last year, with several major sectors affected by the corona pandemic.

The economy has also been affected by the significant decline in global trade, investment and transportation in 2020, according to FCSC.

In the non-oil sector, economy shrank by 6.2%, the services sector contracted by 23.6%, wholesale and retail trade dropped by 13.1%, and construction by 10.4%.

On its part, the UAE Central Bank indicated, last month, that the economy is expected to grow by 2.5% in 2021.