Today: 11 July 2025
28 March 2023
1 min read

‘UAE’s real GDP growth to expand by 4.3% in 2024’

While oil production is expected to moderate in line with the OPEC+ agreements, the non-oil sector is expected to continue to support aggregate output…reports Asian Lite News

The Central Bank of the United Arab Emirates has projected the country’s annual real GDP growth to expand by 4.3 percent in 2024.

“After three quarters of high growth, the UAE’s economy maintained a solid footing in Q4 2022, reflecting a strong performance of both the oil and the non-oil sectors,” the apex bank revealed in its 4th Quarterly Economic Review.

For the whole year, growth is estimated at 7.6%. In 2023, the CBUAE maintains its forecast unchanged at 3.9%. While oil production is expected to moderate in line with the OPEC+ agreements, the non-oil sector is expected to continue to support aggregate output, even if at a more modest pace.
“Oil production averaged 3.1 million barrels per day in Q4 and the UAE hydrocarbon GDP is estimated to have grown by 10% Y-o-Y, in line with the OPEC+ agreements (10.1% for 2022).”
In the meantime, and following the robust growth in the previous quarter, the non-oil sector is estimated to have grown at a similar pace in Q4 2022. The CBUAE estimates non-oil GDP growth for 2022 at 6.6%, according to the review.

The bank highlighted the main drivers of this strong performance to be the real estate and construction sectors and a dynamic manufacturing sector, such as refineries and aluminum production.

“In addition, the FIFA World Cup in Qatar and other global events that took place in the region boosted travel and tourism to the UAE. For 2023 and 2024.”
For 2023 and 2024, the CBUAE projects the real non-oil GDP to expand by 4.2% and 4.6% respectively, in line with global growth

ALSO READ: Israel-UAE FTA takes effect

Previous Story

MBZ exchanges Ramadan greetings with Rulers

Next Story

Saudi Aramco to expand presence in China

Latest from -Top News

Masdar powers ahead in UK

€15 billion clean energy alliance powers ahead with East Anglia THREE investment and Baltic Eagle energisation….reports Asian Lite News Masdar, the UAE-based global clean energy powerhouse, and Iberdrola, one of the world’s

Indian Doctor Gets Top Sharjah Award

The award was presented by His Highness Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah. In a moment of immense pride for the Indian diaspora, renowned paediatrician-turned-entrepreneur Dr.

Peace talks in the desert

President H.H. Sheikh Mohamed reiterated the UAE’s unwavering support for initiatives aimed at fostering sustainable peace, dialogue, and development in the South Caucasus. He also applauded the willingness of the Armenian and

World’s energy thirst to grow: OPEC

UAE sticks to 5 million bpd oil output goal as OPEC launches new World Oil Outlook at Vienna seminar…reports Asian Lite News Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum

Red Sea Warzone

Iran-backed rebels intensify maritime assaults in support of Gaza; US and EU condemn abductions, Israel intercepts missile….reports Asian Lite News The Iran-aligned Houthi rebels have stepped up their maritime offensive in the
Go toTop

Don't Miss

‘Over 95% of Phase 1 ‘National Sports Strategy completed’

Al Hajeri emphasised the wide scope for development to achieve

Mohammed approves Hatta Phase II projects

The Phase II of the Hatta Development Projects features 22