The UAE Central Bank (CBUAE) expects the country's GDP to expand by 4.3 per cent in 2024 while maintaining a 3.9 per cent growth forecast for this year.
It added that the economy is estimated to have grown by 7.6 per cent last year, driven by the strong performance of oil and non-oil sectors as well as the real estate, construction and manufacturing sectors.
The Bank also said that the FIFA World Cup in Qatar and other major events held in the region boosted travel and tourism to the UAE.
"After three-quarters of high growth, the UAE’s economy maintained a solid footing in Q4 2022, reflecting a strong performance of both the oil and the non-oil sectors," the CBUAE revealed in its 4th Quarterly Economic Review.
It estimates non-oil GDP growth for 2022 at 6.6 per cent, while for 2023 and 2024, the CBUAE projects the real non-oil GDP to expand by 4.2 per cent and 4.6 per cent respectively, in line with global growth trends.
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