Non-oil sector to drive UAE’s robust growth in 2023

Non-oil sector to drive UAE’s robust growth in 2023

The GDP is on track to register 3.2 per cent in 2023, down from 7.9 per cent in 2022 with the non-oil sector growing by 3.9 per cent compared to 6.6 per cent in 2022, according to the latest Economic Insight report

The UAE aims to double the size of its economy by 2031 and diversify away from hydrocarbons.

Published: Wed 15 Mar 2023, 7:03 PM

The UAE is expected to record robust economic growth in 2023 despite a slowdown largely driven by Opec+ policy that reverses last year’s increase in oil production, according to economists.

The GDP is on track to register 3.2 per cent in 2023, down from 7.9 per cent in 2022 with the non-oil sector growing by 3.9 per cent compared to 6.6 per cent in 2022, according to the latest Economic Insight report commissioned by ICAEW and compiled by Oxford Economics.

Hanadi Khalife, head of Middle East, ICAEW, said despite oil prices falling from their previous highs, there is reason to be optimistic. “With the UAE’s recent trade agreements, tariffs have been significantly lowered. This leaves room for the UAE to expand and diversify its non-oil sectors even further and continue to grow.”

The UAE aims to double the size of