Saudi Press

Saudi Arabia and the world
Saturday, Jun 21, 2025

UAE GDP to grow at 4.3% in 2024, forecasts central bank  

UAE GDP to grow at 4.3% in 2024, forecasts central bank  

The UAE’s gross domestic product is expected to grow at 4.3 percent in 2024, driven by oil and non-oil exports, according to the latest forecast by the country’s central bank.
In its 4th Quarterly Economic Review released on Monday, the Central Bank of the UAE has retained its forecast unchanged at 3.9 percent for this year.

This comes as the apex bank noted that the country’s economy had a good run in the first three quarters of 2022, with the fourth quarter set to maintain a solid footing, helping the UAE GDP to close the year at an estimated 7.6 percent.

While oil production is likely to slow by the OPEC+ agreements, the non-oil sector is expected to continue to support aggregate output, even if at a slower pace, the bank’s report revealed.

The real estate and construction sectors, as well as a vibrant manufacturing sector, such as refineries and aluminum production, are the key drivers of strong performance, noted the report.

Furthermore, the FIFA World Cup in Qatar and other global events held in the region increased travel and tourism to the UAE – something that provided a much-needed boost to the economy.

In the fourth quarter of 2022, oil production averaged 3.1 million barrels per day, with UAE hydrocarbon GDP estimated to have grown by 10 percent year-on-year in line with the OPEC+ agreements.

OPEC agreed to cut production by 2 million barrels per day at the beginning of November, causing the CBUAE’s projections for hydrocarbon real GDP growth to be revised downward. As a result, the CBUAE expects oil GDP to rise by 3.0 percent and 3.5 percent in 2023 and 2024, respectively.

Following the robust growth in the first three quarters of 2022, the non-oil sector is expected to rise at a similar rate in the fourth quarter. The CBUAE expects the UAE’s non-oil GDP to grow at 6.6 percent in 2022.

The UAE’s Consumer Price Index increased by 4.6 percent in the fourth quarter of 2022, compared to 6.5 percent in the previous quarter. While inflation is rising in line with global trends, the apex bank noted that it is still much lower than the global average.

During 2022, CPI inflation averaged 4.8 percent, which was close to CBUAE’s projection of 4.9 percent.

“In 2023, inflation is projected to decelerate to 3.2 percent, on the back of softer price increases in all categories, especially transport and food, and beverages,” according to the report’s statement.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
×