UAE non-oil sector to remain resilient in 2023

UAE non-oil sector to remain resilient in 2023

The ICAEW report, which was compiled by Oxford Economics, said the Emirates’ new tourism development strategy is expected to make the country the next tourist hotspot and drive significant GDP growth

According to the Q4 report, the UAE’s GDP growth will slow to 2.7 per cent in 2023 but the non-oil sector will grow by 3.9 per cent.

Published: Wed 7 Dec 2022, 7:00 PM

The UAE’s non-oil sector will remain resilient in 2023, holding up against high inflation and interest rates, while the overall growth will be slow, according to a new economic insight report released on Tuesday.

The ICAEW report, which was compiled by Oxford Economics, said the Emirates’ new tourism development strategy is expected to make the country the next tourist hotspot and drive significant GDP growth.

According to the Q4 report, the UAE’s GDP growth will slow to 2.7 per cent in 2023 but the non-oil sector will grow by 3.9 per cent.

“The UAE oil production is expected to be broadly flat in 2023 compared to 2022, contributing to a significant slowdown in UAE GDP growth. However, Expo 2020 Dubai and the easing of Covid-related restrictions gave the economy a boost early this year and momentum has remained at a similar