{"id":92351,"date":"2024-05-24T00:00:00","date_gmt":"2024-05-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/the-uae-saw-3-6-growth-last-year\/"},"modified":"2024-05-24T00:00:00","modified_gmt":"2024-05-24T00:00:00","slug":"the-uae-saw-3-6-growth-last-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/24\/the-uae-saw-3-6-growth-last-year\/","title":{"rendered":"The UAE saw 3.6% growth last year"},"content":{"rendered":"

The economy grew 3.6% in 2023, with the non-oil economy growing 6.2%<\/strong>, according to figures (pdf)<\/a> published by the Federal Competitiveness and Statistics Center. Oil GDP was down 3.1% amid oil cartel Opec\u2019s supply cuts, which drove down output. <\/p>\n

The biggest driver of growth in the non-oil sector was financial services<\/strong>, which grew nearly 15%, according to the figures. This reflects \u201coutstanding earnings by banks, but also the outstanding growth of the financial services sector,\u201d Emirates NBD Chief Economist and Head of Research Khatija Haque told Bloomberg (<\/span>watch, runtime: 06:22<\/a>).<\/span><\/p>\n

The growth of the sector comes on the back of the relocation of asset managers, family offices, and hedge funds<\/strong> to Dubai and Abu Dhabi, Haque said. <\/p>\n

Other sectors driving growth: <\/strong>The country also saw a strong rebound in transport and logistics, which grew 11.5%, according to the figures. Construction followed closely with almost 9% growth, while real estate saw 6% growth. <\/p>\n

REMEMBER-<\/strong> Abu Dhabi\u2019s non-oil economy grew<\/a> 9.1% y-o-y last year, with real GDP growing 3.1%. Data out earlier this week also showed<\/a> Sharjah\u2019s non-oil economy growing 7.1% y-o-y, with GDP growing 6.5% y-o-y. <\/p>\n

Public sector investment in infrastructure and construction will continue to drive growth<\/strong>, in light of big projects like Etihad Rail and Al Maktoum Airport, Haque added. <\/p>\n

What to expect in 2024:<\/strong> The International Monetary Fund (IMF) recently revised upward<\/a> its 2024 growth forecast for the UAE to 4%.The Economy Ministry and the World Bank also expect<\/a> growth to come in at 3.9% clip in 2024, while Oxford Economics is more bullish, expecting 4.4% growth, and the Central Bank of the UAE forecasts<\/a> 4.2% growth. <\/p>\n","protected":false},"excerpt":{"rendered":"

The biggest driver of growth in the non-oil sector was financial services<\/p>\n","protected":false},"author":1,"featured_media":92352,"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":[19,7,20],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-gdp","wpautop","entry"],"acf":{"mongo_id":"0acbb121-b313-4675-b721-bfdab6fc3c7d","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1787.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Overall GDP grew 3.6% in 2023, while non-oil GDP grew 6.2%","related_issue":[92345],"teaser":"The biggest driver of growth in the non-oil sector was financial services","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.822fba6e-8e88-449a-8051-1d44c2630bdf.mp3"},"yoast_head":"\nThe UAE saw 3.6% growth last year - 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