The United Arab Emirates' (UAE) economy grew 4.3% year-on-year in the fourth quarter of 2023, preliminary government data showed, with non-oil economic growth vastly outperforming overall GDP.
Non-oil GDP surged 6.7% in the same period, according to data from the Federal Competitiveness and Statistics Centre.
Financial and insurance activities, transportation and storage, real estate and construction sectors were among the top growth sectors.
The Gulf state has also intensified investments into sectors such as renewable energy and advanced technology.
One of the world's top oil exporters, the UAE has accelerated plans to diversify its economy away from hydrocarbons and draw foreign investment, with non-oil GDP now representing over 70% of the overall growth contribution.
Real GDP growth is estimated at 3.6% in 2023, according to Reuters calculations, with non-oil GDP growth at 6.2% amid a decline in oil activity last year on lower production and prices, which weighed on all regional oil and gas producers.
No comments:
Post a Comment