{"id":100196,"date":"2025-01-30T00:00:00","date_gmt":"2025-01-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/cbuae-says-gdp-grew-4-last-year\/"},"modified":"2025-01-30T00:00:00","modified_gmt":"2025-01-30T00:00:00","slug":"cbuae-says-gdp-grew-4-last-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/30\/cbuae-says-gdp-grew-4-last-year\/","title":{"rendered":"CBUAE says GDP grew 4% last year"},"content":{"rendered":"

The Central Bank of the UAE (CBUAE) said the country\u2019s GDP grew 4% to <\/strong>AED 2 tn in 2024<\/strong>, on the back of strong performances across \u201call economic sectors,\u201d state news agency Wam<\/a> reports. Sectors that witnessed notable growth include the financial, banking, and ins. sectors.<\/p>\n

The growth estimate matches its original forecast, and exceeds others\u2019 expectations:<\/strong> The CBUAE had maintained its growth outlook for 2024 at 4% in <\/span>December<\/a> and <\/span>September<\/a>. The <\/span>cabinet<\/a> also projected the country\u2019s GDP to have surpassed AED 1.7 tn in 2024. The International Monetary Fund\u2019s (IMF) also saw the <\/span>overall GDP growing at 4%<\/a>, while the <\/span>World Ban<\/a> had forecast growth of 3.3%.<\/span><\/p>\n

The banking and ins. sectors flourished last year:<\/strong> The UAE banking sector grew its total assets by 8.6% y-o-y to reach AED 4.5 tn in November 2024 with the net non-performing loan ratio decreasing to 2.1% in 2024 compared to 2.4% in 2023. Meanwhile, the ins. sector\u2019s gross written premiums rose by 21% y-o-y to AED 64.5 bn in 2024. <\/p>\n

The central bank reached \u201crecord financial results\u201d in 2024 across \u201call indicators.\u201d <\/strong>Its total assets are expected to rise by 24.3% y-o-y to reach about AED 896 bn due to the rise in net inflows to the country\u2019s economy.<\/p>\n

REMEMBER- The CBUAE expects growth in 2025 to come in at 4.5%<\/strong>, while the IMF projects it to stay at 4%<\/a>, and the World Bank predicts a slightly higher rate at 4.1%<\/a>. Other financial institutions are optimistic as well, with Moody\u2019s expecting growth to come in at 4.8%<\/a> and Emirates NBD seeing it at 5%<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The banking, financial, and ins. sectors flourished last year<\/p>\n","protected":false},"author":1,"featured_media":100197,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[157,19,7,20],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-the-uae","tag-economy","tag-enterpriseam-uae","tag-gdp","wpautop","entry"],"acf":{"mongo_id":"66eec068-4e17-42c1-8f36-07991034ddc9","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1532.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CBUAE says GDP grew 4% last year","related_issue":[100189],"teaser":"The banking, financial, and ins. sectors flourished last year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.b267b622-6d1c-4efe-bf33-45434d023ab1.mp3"},"yoast_head":"\nCBUAE says GDP grew 4% last year - 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