The Central Bank of the UAE has raised its forecast for GDP growth for the UAE from 3.9 percent previously to 4 percent by the end of 2024, supported by the improved performance of the oil sector and the growth will reach 6 percent in 2025.
In the economic report for the second quarter of this year, the CBE expected the non-hydrocarbon economy to grow by 5.2 percent in 2024 to rise to 5.3 percent in 2025. The hydrocarbon economy is expected to grow by about 0.7 percent this year to rise to 7.7 percent next year.
According to the UAE Central Bank, the tourism, transportation, financial services, insurance services, construction, real estate, and telecommunications sectors continue to support the growth expectations of the UAE economy, while current oil production levels partially offset overall growth this year.
Source (Al-Arabiya.net Website, Edited)
