The UAE Central Bank has maintained its growth prediction for this year at 3.9% and projects economic growth of 4.3% in 2024.
According to a report by the state news agency Wam on Monday, the banking regulator expects non-oil economic growth of 4.6% and oil GDP growth of 3.5% in 2019.
It forecasts a 4.2% increase in non-oil GDP and a 3.0% increase in oil GDP for 2023.
The Central Bank of the United Arab Emirates estimates that GDP grew by 7.6% in 2018, the fastest rate in 11 years and following 3.9% growth in 2021.
There was an expected 6.6% increase in non-oil GDP and a 10.1% increase in oil output in 2017.
The property, building, and manufacturing industries were singled out by the Central Bank as the primary drivers of the impressive expansion of non-oil GDP.
It was also reported that the Qatar World Cup and other regional events helped boost the UAE’s travel and tourist economy.
Wam claimed that with the help of reforms and measures to expand FDI flows and attract the best people, the Emirates are poised to reap even greater benefits from the presence of a crucial private sector.
UAE’s economy is observing continuous upward trend
It was reported that private sector credit increased by 4.9% annually in the fourth quarter of last year, indicating that the banking sector is continuing to encourage investment.
Last year, the United Arab Emirates (UAE) set a new record of Dh2.23 trillion ($607.1 billion) in non-oil foreign trade as it hurried to implement measures to lessen its reliance on hydrocarbons and strengthen its economic ties worldwide.
The UAE’s non-oil exports hit Dh2 trillion for the first time in January–December, a 17% year–over–year increase from the previous year.
According to Minister of State for Financial Affairs Mohamed Al Hussaini, who spoke at a meeting of G20 finance ministers and central bank governors in Bengaluru, India last month, the UAE economy continues to withstand global headwinds and is expected to achieve non-oil economic growth of 4.2% by the end of this year.
According to Dr. Sultan Al Jaber, the UAE economy has recovered well from the pandemic.
The First Abu Dhabi Bank expects the UAE’s real GDP to increase by 5.4% in the hydrocarbon sector and 4.7% in the non-hydrocarbon sector this year. In 2023, Emirates NBD predicts a 3.9% increase in GDP for the country.
While the United Arab Emirates (UAE) continued to recover from the coronavirus pandemic, federal initiatives and increased oil prices led to a 7 percent increase in government revenue in the fourth quarter of 2022.
The Ministry of Finance reported a rise in revenue to Dh148.1 billion for the three months ending in December. In addition, non-oil private sector economic activity in the UAE saw its fastest monthly expansion in four months in February.
The S&P Global Purchasing Managers’ Index rose to 54.3 in February from 54.1 in January, continuing to remain comfortably above the 50-mark that distinguishes expansion from contraction.
Despite a worldwide slowdown, the real estate market in the United Arab Emirates (UAE) maintained its robust performance in the final quarter of 2017.
Dubai’s real estate market saw record levels of activity in the fourth quarter, with the total value of deals reaching Dh214 billion, an increase of 169% year over year.
In 2022, there were an estimated 14.4 million tourists visiting the emirate, nearly doubling the amount who came in the previous year.
Nevertheless, hotel occupancy rates in Dubai and Abu Dhabi both grew in 2022, with Dubai reaching 73% and Abu Dhabi reaching 70%, respectively, from 67% and 62% in 2021.
Traffic via Dubai’s airports increased by 81.3% in 2022 to 21.8 million passengers, while traffic through Abu Dhabi’s five airports tripled to 15.9 million passengers from 5.3 million in 2021.
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