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

DUBAI: The United Arab Emirates’ economy shrank 6.1 percent last year, the country’s statistics center 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 Center said in a report.
The non-oil economy shrank by 6.2 percent, it said, with sectors such as accommodation and food services declining by 23.6 percent, wholesale and retail trade by 13.1 percent and construction by 10.4 percent.
The economy is expected to grow 2.5 percent this year, the central bank said last month.