UAE's GDP to increase Dh1.50 trillion in 2020

The UAE's Gross Domestic Product, GDP, in constant prices, is projected to expand at Dh1.50 trillion in 2020 from Dh1.464 trillion in 2019 and Dh1.442 trillion in 2018, said Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, and Chairman of the Federal Tax Authority.
Al Tayer was answering a question from a member of the Federal National Council, FNC, during a session on Tuesday on the impact of the Value Added Tax, VAT, on the national economy.
The five percent VAT was introduced in the UAE on January 1, 2018, which is a relatively short period to have enough data that could measure its deep economic impact, he said.
"Last year, the inflation rate was 1.5 per cent. The GDP in 2018 was Dh1.44 trillion and inflation was 3.69 per cent," said Al Tayer, adding that the country's GDP in 2017 was Dh1.41 trillion and the inflation was 1.97 per cent.

In 2016, the GDP was Dh1.41 trillion and the inflation rate was 1.61 per cent.

Al Tayer said the UAE is currently witnessing an increase in investment opportunities, which was reflected in the increase in the number of companies registered under the tax system, which is 312,000 companies.

- ismail@khaleejtimes.com
With inputs from Wam