The Central Bank of the UAE expects the country’s economy to grow by 3.3% in 2023 and maintain its growth forecast for next year at 4.3%, supported by the growth of the oil and non-oil sectors.
The central bank pointed out that non-oil GDP growth in the UAE is expected to be 4.5% by the end of this year and accelerate to 4.6% by the end of 2024.
“Oil GDP is expected to grow by 3.5% in 2024 as production resumes after scaling back the cuts agreed in the OPEC+ group,” The Central Bank of the UAE said in its Quarterly Review Report for the second quarter.
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