The UAE's real GDP grew 3.8 percent in 2021 and is expected to reach 5.4 percent in 2022, the Gulf oil producer's central bank said.

In its annual report for 2021, the Central Bank of the UAE said non-oil GDP growth rose to 5.3 percent in 2021.

The current account surplus in the balance of payments increased to 176.2 billion dirhams in 2021 from 77.5 billion dirhams in 2020 because of the increase in oil and non-oil exports, the monetary authority said in a statement on Monday.

Governor Khaled Mohammed Balama said the banking system is well capitalised, liquid and can support the growth agenda of the country.

(Writing by Brinda Darasha; editing by Seban Scaria)