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The UAE Federal Competitiveness and Statistics Center said today that the UAE economy shrank 6.1% last year, with several major sectors affected by the Coronavirus crisis.
According to a Reuters report, according to preliminary data, the economy was affected by the significant decline in global trade, investment and transport movements in 2020.
The non-oil economy contracted by 6.2%, the services sector declined by 23.6%, wholesale and retail trade by 13.1% and the construction sector by 10.4%.
The central bank said last month that the UAE economy was expected to grow 2.5% this year.