UAE economy to grow 3.9% in 2024, central bank projects

DUBAI: The United Arab Emirates’ economy grew 3.6% in 2023, the Gulf state’s central bank said in its annual report on Thursday, and projected overall output growth to rebound to 3.9% in 2024 on the back of a recovery in various economic sectors.

The UAE economy grew 4.3% year-on-year in the fourth quarter, preliminary government data showed last month, with non-oil economic growth vastly outperforming overall GDP.

UAE economy grew 3.3% in first nine months of 2023

But a decline in oil activity last year on lower production and prices weighed on full year growth.