The Central Bank of the UAE (CBUAE) has revised its Gross Domestic Product (GDP) growth forecast for 2024, raising it to 5.7%, compared to the previous projection of 4.3%.
The bank’s report also highlights a 3.1% expected overall GDP growth for the UAE in 2023.
The report foresees non-oil GDP growth at 5.9% in 2023 and 4.7% in 2024, with oil GDP growth estimated at 8.1% in 2024. The bank emphasizes accelerating non-oil GDP growth to 7.3% year-on-year in Q2 2023.
Fiscal Performance and Economic Activity Indicators:
The report notes a unified financial surplus of Dh47.4 billion in H1 2023, equivalent to 5.2% of the GDP.
Government revenues reached Dh246.9 billion, accounting for 26.4% of the GDP, while total expenditures amounted to Dh199.5 billion (21.3%).
Private Sector Resilience and Employment Trends:
The Central Bank’s report highlights the robustness of the non-oil private sector, with the Purchasing Managers’ Index (PMI) reaching 57.7 in October, signaling strong growth.
The PMI data indicates a surge in private-sector employment and increased wages, with companies remaining optimistic about future expectations.
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