RIYADH: According to government predictions, the UAE economy is anticipated to increase by 4% in 2024, led by strong performance across important non-oil sectors. According to the Central Bank of the United Arab Emirates’ December Quarterly Economic Review, industries such as tourism, financial services, transportation, insurance, real estate, and communications will all contribute to growth.
As the nation continues to gain from economic diversification measures meant to lessen its reliance on oil earnings, growth is anticipated to pick up speed in 2025 and 2026, reaching 4.5 and 5.5 percent, respectively. It is anticipated that non-oil GDP growth would continue to be strong, increasing by 4.9 percent in 2024 and 5 percent in 2025. According to the research, this expansion is the result of deliberate government initiatives to boost economic diversification and draw in international investment.
Manufacturing, trade, transportation and storage, and real estate industries helped non-oil GDP grow by 4.8 percent year over year in the second quarter, up from 4.0 percent in the first. Citing anticipated gains in the oil industry, the CBUAE updated its GDP growth prediction for the year in September by 0.1 percentage points. The central bank changed its initial growth projection for 2024 from 3.9 percent to 4 percent. The CBUAE projected a 6% growth rate for 2025 in its second-quarter economic report.
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