UAE Central Bank projects 4.3% economic growth in 2024
The economic growth is mainly attributed to improvement in non-oil sectors, including property, construction, and manufacturing sectors.
The UAE Central Bank has projected a 4.3% economic growth by 2024 in its fourth quarterly Economic Review. The current year's growth forecast is maintained at 3.9% for the country.
The growth is mainly attributed to the non-oil sectors of the UAE like property, construction, and manufacturing. Events such as the Qatar World Cup and others held in the region have boost growth in the UAE's travel and tourism sectors, a report by Wam said.
The growth is set to continue as the UAE brings in reforms and strategies to increase foreign direct investment (FDI) flows and attract talent.
In 2022, the country had the highest economic growth in 11 years at 7.6%. Non-oil GDP and oil GDP grew by 6.6% and 10.1%, respectively.
The non-oil foreign trade hit a record $607.1 billion (AED2.23 trillion). This was the first time the country's non-oil foreign trade crossed the $544 billion (AED2 trillion) mark.
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Edited by Suman Singh
