UAE’s Economy Growth Has Exceeded the Estimates

UAE’s Economy Growth

According to the annual report by the UAE Central Bank (CBUAE) – in 2023, the UAE’s GDP grew by 3.6%

Earlier, CBUAE estimated the growth of 3.1% in 2023

The GDP of non-oil sector expanded by 6.2% in 2023 while the oil-sector decreased by 3.1%.

According to IMF, the global economy grew by 3.1% – in 2023, the UAE’s economy growth rate exceeded the global level.

GDP growth forecast by CBUAE

In 2024:

GDP +3.9%

Non-oil GDP +5.4%

Oil GDP +0.3%

In 2025:

GDP +6.2%

Non-oil GDP +5.3%

According to IMF, the global inflation rate will decrease from 6.8% in 2023 to 5.8% in 2024.

The inflation rate in the UAE is significantly lower:

2023 – 1.6%

2024 – 2.3% (forecast)