UAE’s GDP to grow by 4.2% in 2024, rising to 5.2% in 2025: CBUAE

UAE’s GDP to grow by 4.2% in 2024, rising to 5.2% in 2025: CBUAE

ABU DHABI/ WAM The Central Bank of the United Arab Emirates (CBUAE) expects the country’s Gross Domestic Product (GDP) to grow by 4.2 percent in 2024, rising to 5.2 percent in 2025, while maintaining its estimate for a 3.1 percent growth in 2023. In its quarterly economic review report for the fourth quarter (Q4) of ...

ABU DHABI/ WAM

The Central Bank of the United Arab Emirates (CBUAE) expects the country’s Gross Domestic Product (GDP) to grow by 4.2 percent in 2024, rising to 5.2 percent in 2025, while maintaining its estimate for a 3.1 percent growth in 2023.

In its quarterly economic review report for the fourth quarter (Q4) of 2023, the Central Bank also forecasted a non-oil GDP growth of 4.7 percent in both 2024 and 2025, and an oil GDP growth of 2.9 percent in 2024 and 6.2 percent in 2025.

The Central Bank noted that the UAE’s consolidated fiscal balance for the first nine months of 2023 posted a surplus of AED61 billion, equivalent to 4.4 percent of GDP, with total revenues reaching around AED370 billion, while expenditures amounted to about AED309 billion.

The CBUAE report anticipated that the recent introduction of a federal corporate tax is poised to further