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UAE’s projected GDP surge and oil production forecast

UAE GDP will climb 4.8% next year, according to a report by ICAEW.

UAE GDP will climb 4.8% next year, according to a report by ICAEW.

GDP Growth Projection

The UAE’s GDP is anticipated to double in 2024, reaching 4.8 percent growth, a substantial increase from the 2.4 percent recorded year-on-year in 2023. This insight emerges from the latest Economic Insight report, commissioned by ICAEW and compiled by Oxford Economics.

Challenges and Potential Easing

While short-term growth might encounter limitations due to OPEC+ production quotas, the UAE’s higher reference quota hints at the potential easing of these constraints in 2024. This projection suggests a possibility of reduced limitations on production, potentially boosting economic prospects.

Oil Production Outlook

The current forecast for the UAE’s oil production indicates an estimated 3.28 million barrels per day, reflecting a slight decrease of 1.2 percent from the previous year. 

Despite this marginal decline, the anticipation of a potential relaxation in production constraints in the coming year signifies a prospective shift in the nation’s oil output dynamics.

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