The UAE Central Bank maintained its forecast for overall real GDP growth of 3.9 percent in 2023, rising to 4.3 percent in 2024.
According to the quarterly review report for the fourth quarter of the year 2022 issued by the Central Bank, the UAE economy maintained its strong position in the fourth quarter of last year after three-quarters of high growth, reflecting the strong performance of the oil and non-oil sectors.
The Central Bank indicated that the expectations are likely to grow the UAE's GDP by 3.9 percent in 2023, with non-oil output growing by 4.2 percent, and oil GDP growing by 3 percent. While the UAE's GDP is expected to grow by 4.3 percent in 2024, with non-oil output increasing by 4.6 percent and oil output growing by about 3.5 percent.
The UAE will benefit from a vibrant private sector, supported by multiple reforms and strategies to increase foreign direct investment inflows and attract the best talent. The banking sector will also continue to play a role in supporting investment in the sector, with credit to the private sector rising 4.9 percent year-on-year in the fourth quarter of last year.
Source (Al-Arabiya.net, Edited)
