The times series of nominal GDP from 1975 till 2020 for the economy of UAE is presented in figure 21.
It is indicated by the figure mentioned below that Nominal GDP of UAE is increasing continuously with steady pace, however, it gained momentum since 2001 and reached to its peak 2008.
Due to global recession the nominal output of the UAE’s economy dropped down in 2009.
Another brief period of economic downturn for UAE was between 2014 to 2018.
Covid-19 pandemic also hit the UAE’s economy badly and the nominal GDP declined in 2020 as depicted by graph below.
Source: World Bank
Source: World Bank
The annual growth rate of nominal GDP from 1975 till 2019 for UAE’s economy is showed in Figure 22.
It is indicated by the figure mentioned below that growth rate of nominal GDP showed the volatile behaviour during 1975 till 2019.
Growth of nominal GDP reached to its peak in 1980 had a magnitude of 0.396, after that it started declining sharply and remained negative in the duration of 1983 till 1986, it followed the effect of global recession 1982.
Its magnitude become worst in 1986 had a value of -0.164. In 2009, due to global recession it became worst reached to the value of -0.196.
Further Covid-19 pandemic also hit it badly and it magnitude reached to -0.1398.
The time series of Real GDP from 1975 till 2020 for UAE’s economy is represented by figure 23.
It is indicated that nominal GDP exhibit increasing trend from 1975 till 2019.
Figure shows that economy of UAE experienced down fall of real output during 1986 to 1989 after which robust economy recovery was witnessed till 2008 before the global economic meltdown of 2008-09.
Covid-19 also hit the economy of UAE acutely and the real GDP in 2020 fell down.
Source: World Bank
Source: World Bank
The situation of Growth rate of real GDP from 1976 till 2020 is shown by figure 24.
It is indicated that economy achieved a highest growth rate of real GDP in 1980, i.e. 24 percent, after which growth rate declined and became negative in 1982 due to global recession in the same year.
Overall graph shows the fluctuating behaviour of growth rate of real GDP.
Growth rate became negative in 2009 had reached to the value -5.2 percent due to the global recession in 2009.
Covid-19 also hit the economy of UAE badly, consequently growth rate of real GDP fell down to 6.1 percent in 2020.
The time series of per capita real GDP of UAE from 1975 till 2020 is presented by Figure 25.
Per capita real GDP declined in 1978 sharply and reached to the value USD 90,889.9 after it followed the recovery phase and reached USD 111,574.2 in 1980.
During 1980-1988, a sharp decline in per capita GDP can be seen which, after a brief period of increase (during 1989-1990), again resumed downward trajectory till 2010.
In 2009, a sharp drop in real GDP per capita is due to global recession likewise in 2020 the per capita GDP declined because of Covid-19 pandemic, consequently economy’ per capita real GDP reached to USD 37,497.6 in 2020.
Source: World Bank
Source: World Bank
The growth rate of per capita GDP of UAE from 10976 till 2020 is demonstrated by figure 26.
It is indicated that growth of real GDP per capita reached at maximum in 1980 i.e. 13.2 percent but declined sharply since then and reached to the lowest i.e. -19.7 percent in 1986.
Figure shows the volatile behaviour of per person real GDP of UAE. In 2009, another episode of economic downturn took the growth rate to -15.2 percent due to global recession.
Further, UAE’s economy faced a negative growth of per capita GDP in 2020 due to Covid-19 pandemic.
The behaviour of GDP deflator (price level) from 1976 till 2020 for the UAE’s economy is presented by figure 27.
It is indicated that price level fluctuated during the time span. In 1987 economy faced negative price level of -3.66%, after that the price level increases reached to 9.5% in 1980.
In 1984 it faced again negative price level. Economy experienced highest Price level of 18.53% in 2008.
Due to 2009 global recession economy faced a situation of negative price level and it stood at -15.18%.
In 2015 economy further experienced a negative price level and the price level reached to -15.44%. In 2020 economy of UAE again faced the price level hit to -8.36%.
Source: World Bank
Source: World Bank
The time series of growth rate of GDP deflator from 1977 till 2020 is reflected by Figure 28.
Figure mentioned below indicated the fluctuating behaviour of growth rate of GDP deflator (inflation) during the time span.
It is indicated that the growth of GDP deflator fell drastically in 1995 and deflation reached to -15.89.
Further, in 2015 it increased sharply and inflation stood at 14.07.
The GDP employment time series of UAE from 1991 till 20210 is shown in figure 29.
It is indicated by the figure mentioned below that there exists a decreasing trend in the GDP employment rate.
From 1991 the rate continuously declined at a sluggish rate, but from 2004 it declined sharply and in 2010 it stood at 82156.1. After 2010 it increased gradually.
In 2020 it slightly declined and stood at 101411.7, due to Covid-19 pandemic.
Source: World Bank
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Source: World Bank
The growth pattern of GDP per person employed in UAE from 1992 till 2020 is provided in Figure 30.
It is indicated by the figure below that there exists volatility in the growth rate of GDP per person employed.
The growth rate of GDP per person employed to drastically since 2003 and touched the lowest i.e. 16.1 percent in 2009 due to the global recession in the same year.
In 2020, the growth rate also became negative and stood at -1.9 percent due to the COVID-19 pandemic.
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Saudi Arabia
United Arab Emirates