The Central Bank of the UAE maintained its forecast for the UAE economy to grow by 4 percent in 2024, accelerating to 4.5 percent in 2025 and then to 5.5 percent in 2026. The forecast for 2025 is revised downwards by the central bank as a result of continued planned oil production cuts from OPEC countries, compared to previous forecasts of 6 percent GDP growth.
The growth forecast for the current year, according to the quarterly review report for the third quarter issued by the Central Bank, is based on the acceleration of growth in the sectors of tourism, transportation, financial services, insurance, construction, real estate and telecommunications. The UAE Central Bank also forecast the growth of the non-oil sector by 4.9 percent in 2024 and 5 percent in 2025.
Source (CNBC Arabia Website, Edited)
