UAE’s real GDP to grow by 5.3 percent in 2024: S&P Global

UAE’s real GDP to grow by 5.3 percent in 2024: S&P Global

ABU DHABI/ WAM S&P Global Ratings, the world’s leading credit rating agency, expects the UAE’s real GDP to grow by 5.3 percent in 2024, compared to 3.4 percent in 2023. In a new report released today, the credit rating agency said that UAE banks reported exceptional profits for the full year 2023 due to lower ...

ABU DHABI/ WAM

S&P Global Ratings, the world’s leading credit rating agency, expects the UAE’s real GDP to grow by 5.3 percent in 2024, compared to 3.4 percent in 2023.

In a new report released today, the credit rating agency said that UAE banks reported exceptional profits for the full year 2023 due to lower provisioning requirements and higher interest margins, in addition to improved liquidity levels as deposit growth outpaced new loan growth. The report also noted that the outlooks for the banks in the UAE are stable.

The agency estimates that increased oil production and support from non-oil sectors will drive economic growth in the UAE this year. The non-oil GDP is likely to continue growing, driven by the performance of the hospitality, real estate, and financial services sectors.

S&P Global Ratings also noted that some UAE banks achieved record profits in 2023 due to strong credit