Monday, April 15, 2024
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Monday, April 15, 2024
Today's News

UAE economy to grow by 4.3% in 2024, Central Bank says

UAE economy to grow by 4.3% in 2024, Central Bank says

Regulatory authority keeps its expectations of 3.9% development for this year

The UAE Reserve bank anticipates the country’s economy to expand by 4.3 per cent in 2024 as well as has actually preserved its development forecast of 3.9 per cent development for the existing year.

The financial regulator projects that the non-oil economic situation will expand by 4.6 per cent and also oil gross domestic product by 3.5 percent following year, state news firm Wam reported on Monday.

It anticipates non-oil GDP to rise 4.2 percent and oil GDP to grow 3 per cent in 2023.

The UAE economic situation is approximated to have grown by 7.6 percent in 2015, the highest possible in 11 years, after broadening 3.9 per cent in 2021, the Central Bank claimed.

Non-oil GDP and oil output are approximated to have actually expanded by 6.6 percent and also 10.1 percent, specifically, in 2015.

The Central Bank attributed the robust economic growth in non-oil GDP to the building, building and construction and also production fields.

The Qatar Globe Mug and various other occasions kept in the area also strengthened the UAE’s travel and tourism market, it claimed.

The Emirates is set to benefit further from the existence of an important private sector, supported by numerous reforms and also techniques to enhance foreign straight investment circulations as well as to bring in the very best talent, Wam reported.

The banking industry remains to support financial investment in the field, with credit history to the economic sector raising by 4.9 percent on an annual basis in the fourth quarter of last year, it said.

The UAE’s non-oil foreign profession hit a record Dh2.23 trillion ($607.1 billion) last year as the Arab world’s second-largest economic situation hastened to put in place actions to reduce its reliance on hydrocarbons and increase its economic collaborations globally.

This was the first time the UAE’s non-oil foreign trade went across the Dh2 trillion mark, with values for the January-December duration enhancing more than 17 percent from the same duration in 2021.

The UAE economy continues to withstand international headwinds as well as is anticipated to accomplish 4.2 percent in non-oil economic development by the end of this year, Mohamed Al Hussaini, Minister of State for Finance, stated during a conference of G20 financing preachers and central bank governors in Bengaluru, India, last month.

First Abu Dhabi Bank anticipates the UAE’s hydrocarbon and non-hydrocarbon actual GDP growth at 5.4 per cent as well as 4.7 per cent, specifically, this year.

Emirates NBD anticipates the nation’s GDP to grow by 3.9 percent in 2023.

UAE federal government revenue climbed by regarding 7 percent in the 4th quarter of 2022 as it remained to rebound from the coronavirus pandemic on the back of federal campaigns as well as greater oil costs.

Overall earnings for the three months to the end of December reached Dh148.1 billion, the Ministry of Money claimed.

Service task in the UAE’s non-oil economic sector economy additionally expanded at its toughest speed in four months in February.

The seasonally adjusted S&P Global purchasing supervisors’ index analysis reached 54.3 last month, from 54.1 in January, well above the neutral 50-mark that divides development from contraction.

The UAE’s real estate market proceeded its solid efficiency in the fourth quarter of last year, attaining solid development in regards to activity, despite the worldwide stagnation.

The activity in Dubai’s property market reached historical levels, with the overall worth of deals striking Dh214 billion in the fourth quarter, an annual boost of 169 per cent.

The variety of tourists taking a trip to the emirate boosted to 14.4 million in 2022, nearly double the overall variety of site visitors in 2021.

Meanwhile, hotel occupancy in Dubai climbed to 73 percent last year, from 67 per cent in 2021, while that for Abu Dhabi enhanced to 70 per cent in 2022.

Passenger traffic via the five Abu Dhabi flight terminals tripled to 15.9 million travelers in 2022, up from 5.3 million guests in 2021, while 21.8 million travelers took a trip via Dubai’s airports in 2015, a rise of 81.3 per cent over 2021.

Last Updated: 28 March 2023

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