UAE economy shrinks 6.1pc last year

DUBAI: 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.

“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 said in a report.

The non-oil economy 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.