#UAE economy grew 3.6 per cent last year, exceeding previous estimate

UAE economy grew 3.6 per cent last year, exceeding previous estimate

The UAE economy's growth in 2023 was stronger than the most recent estimate, driven by non-oil sector growth.

The Arab world’s second-largest economy expanded by 3.6 per cent last year, compared to the 3.1 per cent estimated by the Central Bank of the UAE (CBUAE) in the fourth quarter, the banking regulator said on Thursday.

Non-oil gross domestic product expanded by 6.2 per cent during the period, it said in its annual report.

It, however, downwardly revised its growth projections for 2024 to 3.9 per cent from the previous estimate of 4.2 per cent.

Growth is projected to accelerate to 6.2 per cent in 2025, as oil production is forecast to increase significantly due to the Opec+ decisions and continued expansion of the non-oil sector, according to the bank.