The United Arab Emirates’ economic system grew 3.4 per cent within the first quarter of 2024 in contrast with the identical interval the earlier yr, in accordance with preliminary authorities estimates reported by the state information company WAM this week.
The UAE’s gross home product reached 430 billion dirhams ($117 billion) in Q1, with non-oil GDP rising 4 per cent year-on-year through the interval, WAM reported, citing figures from the Federal Competitiveness and Statistics Centre.
Commerce actions, manufacturing, and monetary and insurance coverage companies have been among the many greatest contributors to non-oil GDP, in accordance with the report.
The UAE, one of many world’s greatest oil exporters, has been more and more targeted on diversifying financial sectors and income sources away from hydrocarbons, and is seen because the Gulf area’s tourism and business hub.
The Worldwide Financial Fund mentioned earlier this yr that financial development within the Gulf state was broad-based, and pushed by strong home exercise in sectors similar to tourism, building and monetary companies.
The Fund forecasts GDP development in 2024 at 4 per cent, increased than the three.5 per cent projected in its final Regional Financial Outlook report printed in April.
A Reuters ballot of economists in July forecast GDP development within the UAE of three.7 per cent in 2024 adopted by 4.2 per cent in 2025, boosted by non-oil sectors similar to tourism in addition to a gradual improve in oil manufacturing.