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UAE growth forecast revised upward to 5.7% in 2024

By Pramod Kumar
The Dubai government has allocated 8% of total expenditure to construction projects Unsplash.com/Ahmed Aldaie
Unified financial surplus in the first half of 2023 reached AED47.4 billion, or 5.2 percent of the GDP

The Central Bank of the UAE has revised its forecast for economic growth next year to 5.7 percent, up from an earlier projection of 4.3 percent.

The overall GDP is forecast to grow by 3.1 percent in 2023, the UAE state-run Wam news agency reported, citing the central bank report.

Non-oil GDP will grow 5.9 percent in 2023 and 4.7 percent in 2024, while the oil GDP growth is expected at 8.1 percent next year.

The UAE’s economy recorded a 3.8 percent year on year growth in the second quarter of the current year, compared to 8 percent recorded in the same period last year. The growth remains steady quarter on quarter.

Non-oil GDP growth accelerated to 7.3 percent in the second quarter of 2023, up from 4.5 percent in the previous quarter.

A financial surplus in the first half of the current year reached AED47.4 billion ($12.91 billion), or 5.2 percent of the GDP, compared to a surplus of 13.4 percent the previous year.

Government revenues hit AED246.9 billion, representing 26.4 percent of the GDP in the first half of 2023. Total expenditure reached AED199.5 billion, accounting for 21.3 percent of the GDP.

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