{"id":12970,"date":"2024-05-24T11:02:11","date_gmt":"2024-05-24T08:02:11","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=12970"},"modified":"2024-05-24T11:02:11","modified_gmt":"2024-05-24T08:02:11","slug":"uae-economy-grew-4-3-per-cent-in-fourth-quarter-of-2023","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=12970","title":{"rendered":"UAE economy grew 4.3 per cent in fourth quarter of 2023"},"content":{"rendered":"
<\/div>\n

The United Arab Emirates\u2019 (UAE) economy grew 4.3 per cent year-on-year in the fourth quarter of 2023, preliminary government data showed, with non-oil economic growth vastly outperforming overall GDP.<\/p>\n

Non-oil GDP surged 6.7 per cent in the same period, according to data from the Federal Competitiveness and Statistics Centre.<\/p>\n

Financial and insurance activities, transportation and storage, real estate and construction sectors were among the top growth sectors.<\/p>\n

The Gulf state has also intensified investments into sectors such as renewable energy and advanced technology.<\/p>\n

One of the world\u2019s top oil exporters, the UAE has accelerated plans to diversify its economy away from hydrocarbons and draw foreign investment, with non-oil GDP now representing over 70 per cent of the overall growth contribution.<\/p>\n

Real GDP growth is estimated at 3.6 per cent in 2023, according to Reuters calculations, with non-oil GDP growth at 6.2 per cent amid a decline in oil activity last year on lower production and prices, which weighed on all regional oil and gas producers.<\/p>\n

The International Monetary Fund said in a recent statement that economic growth in the UAE was broad based, and driven by solid domestic activity in sectors such as tourism, construction and financial services.<\/p>\n

The Fund has raised its preliminary forecast for GDP growth in 2024 to 4 per cent from the 3.5 per cent projected in its last Regional Economic Outlook report published in April.<\/p>\n

A Reuters poll of economists in April also forecast the UAE\u2019s GDP growth at 4 per cent in 2024, the fastest among Gulf peers.<\/p>\n

\u201cThe UAE\u2019s economy has been remarkably resilient to both a lacklustre external backdrop as well as significantly higher interest rates in 2023,\u201d Emirates NBD analysts said in a research note on Thursday.<\/p>\n","protected":false},"excerpt":{"rendered":"

The United Arab Emirates’ economy grew 4.3% year-on-year in the fourth quarter of 2023, with non-oil GDP surging 6.7% in the same period.<\/p>\n","protected":false},"author":3,"featured_media":12971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[8625,5047,1625,2369,2190,7202,1167,645,26,3075,358,9836,4548,696,60,415,3767,10110,7818,899,1401,187,2753,3752,11071,5076,1215,1033,8872,287,558,4620,6074,1824,1806,7967,1827,3814,812,1682,618,238,2666,4502,18],"class_list":["post-12970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-april","tag-competitiveness","tag-construction","tag-data","tag-decline","tag-diversification","tag-draw","tag-economic-growth","tag-economy","tag-emirates","tag-energy","tag-foreign-investment","tag-gas","tag-gdp","tag-gdp-growth","tag-government","tag-growth","tag-higher-interest-rates","tag-insurance","tag-interest","tag-interest-rates","tag-international","tag-investment","tag-investments","tag-non-oil-gdp","tag-oil","tag-poll","tag-prices","tag-production","tag-real-estate","tag-renewable-energy","tag-report","tag-research","tag-sectors","tag-services","tag-state","tag-statement","tag-statistics","tag-storage","tag-technology","tag-top","tag-tourism","tag-transportation","tag-uae","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nUAE 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