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UAE to Sustain its High Growth Ratio Through FY 2024-25

UAE

As per the Central Bank report, UAE’s GDP to grow by 4.2% in 2024, rising to 5.2% in 2025. The apex bank also forecasted a non-oil GDP growth of 4.7 percent in both 2024 and 2025, and the oil GDP growth will remain at 2.9 percent in 2024.

As per a report by The Statistics Centre – Abu Dhabi, the UAE capital’s GDP reached AED1.14 trillion ($310 billion) in 2023. The emirate’s non-oil economy and real GDP grew by 9.1% and 3.1% during 2023 with non-oil contributing to more than 53% of the emirate’s GDP.  The overall economy grew 4.1% year-on-year during the fourth quarter of 2023.

The data showed construction activities up by 13.1% YoY, contributing 8.5% to the gross domestic product.

As per PwC, the non-oil sector’s growth is anticipated to stay robust, buoyed by a stronger-than-expected non-oil GDP performance in 2023. The industry pundits are of opinion that there would be more focus on Trade corridors including India-Middle East-Europe Economic Corridor (IMEC) and Iraq’s Development Road as there is disruption in Red Sea trade rout in recent years.

As Khaleej Times reports, Dubai’s population grows by over 25,700 in first three months of 2024, which is a very healthy sign of economic growth of the Emirates.

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