UAE’s GDP to see an increase of 4% for 2024-Central Bank

Posted on April 5, 2024   |  

The Central Bank of the United Arab Emirates (CBUAE) anticipates UAE's GDP growth at 4.2% in 2024, escalating to 5.2% in 2025 while maintaining a 3.1% growth estimate for 2023.

Non-oil GDP is projected to rise by 4.7% in both 2024 and 2025, with oil GDP expected to grow by 2.9% in 2024 and 6.2% in 2025.

UAE's fiscal balance for the first nine months of 2023 shows a surplus of AED61 billion, equal to 4.4% of GDP, with revenues at approximately AED370 billion and expenditures around AED309 billion.

The non-oil private sector exhibits strength, reflected in a PMI of 56.6 in January 2024, driven by robust business confidence.

Dubai's PMI also reached 56.6 in January, indicating sustained growth in the emirate's non-oil private sector.

Private sector employment rose by 3.1% in the fourth quarter of the previous year, alongside a 7.4% increase in wages compared to the same period in 2022, boosting purchasing power.