Today: 23 August 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

US sanctions more ICC judges

Washington hits at The Hague with fresh sanctions on four ICC judges and prosecutors, including French and Canadian officials, over probes targeting Israel and US actions abroad….reports Asian Lite News The United

UAE Wows Osaka!

The UAE Pavilion at Expo 2025 Osaka celebrates its three millionth visitor, blending culture, innovation, and hospitality in an immersive showcase of heritage, sustainability, and forward-looking global vision….reports Asian Lite News The

MBS & Sisi talk ties, Palestine

The two leaders reviewed the historic and strategic relations between Riyadh and Cairo and explored new ways to bolster cooperation…reports Asian Lite News Saudi Crown Prince and Prime Minister HRH Mohammed bin

Dubai’s startup supernova

Marking its 10th year, Expand North Star cements Dubai’s role as a global hub for digital innovation, uniting startups, unicorns, and investors to shape the future economy….reports Asian Lite News Expand North

Qatar: Syria’s stability key to region

Qatar, speaking for the Arab Group at the UN, urged unity and sovereignty for Syria as regional diplomacy, UN warnings, and fragile ceasefires highlight a precarious crossroads….reports Asian Lite News Qatar, speaking
Go toTop

Don't Miss

Sustainability at the centre of Expo

The United Nations’ 2030 Agenda for Sustainable Development also aids

UAE calls for global cooperation to accelerate vax supply

International Forum on COVID-19 Vaccine Cooperation aims to link countries