UAE's non-oil output will remain robust, continue to support economic growth in 2024: World Bank
The real gross domestic product (GDP) growth of the UAE is projected to accelerate to 3.9 percent in 2024, fuelled by OPEC+'s announced significant oil production hike in the second half of 2024 and a recovery in global economic activity, according to the Spring 2024 Gulf Economic Update (GEU) issued by the World Bank.
The oil output growth is projected to reach 5.8 percent in 2024. Non-oil output will remain robust and continue to support economic growth in 2024, expanding at 3.2 percent, driven by strong performance in the tourism, real estate, construction, transportation, and manufacturing sectors.
The report stated that the UAE continued its strategic spending growth, supported development initiatives, and highlighted its commitment to sustainable, green, and digital growth.
It explained that the UAE maintained a strong current account surplus of 9.1 percent of GDP, supported by rising non-oil exports in tourism and commercial services, enhanced new investments, and trade agreements with key Asian and African markets.
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