The UAE central bank has raised its forecast for the country’s GDP growth next year 2024 to 5.7% compared to its previous forecast of 4.3%.
The bank said in a report issued on Thursday that the UAE’s total GDP is expected to grow by 3.1% in the current year 2023.
The central bank’s report predicted that non-oil GDP will grow by 5.9 percent in 2023 and 4.7 percent next year, while oil GDP growth was estimated at 8.1% in 2024.
The “central” explained that the UAE economy recorded during the second quarter of this year a growth of 3.8%, on an annual basis, compared to 8% recorded in the same period last year, and equal to the first quarter of this year.
He said that non-oil GDP growth accelerated by 7.3% year-on-year in the second quarter of this year, up from 4.5% year-on-year in the previous quarter, and from 6.4% year-on-year compared to the same period last year.
