UAE economy to grow by 4.3% in 2024

The Central Bank of the United Arab Emirates stated the country's annual real GDP growth to expand by 4.3 percent in 2024. In 2023, the GDP growth forecast remains unchanged at 3.9%. 

The bank highlights that the main boosters of such high performance are the growth of real estate and construction sectors and a dynamic manufacturing sector, in particular oil refining and aluminum production.

The Central Bank's report also notes that the small and medium-sized businesses index increased by 12.4% in the fourth quarter of 2022.

Oil production is expected to descend in 2023 considering the OPEC+ agreements, while the non-oil production will continue to expand production. In this context, the CB projects the non-oil GDP to increase by 4.2% and 4.6% in 2023 and 2024, respectively.

(WAM, March 28, 2023)