World Bank predicts UAE’s real GDP will rise to 4.1% in 2025
Growth in GCC countries is forecast to strengthen to 4.7% in 2025
The economies of oil exporters are projected to grow by 2.9 per cent and 4.2 per cent in 2024 and 2025 respectively, while those of oil importers are forecast to deliver a growth of 2.9 per cent and 4 per cent in 2024 and 2025 respectively.
The UAE economy grew 3.3 per cent in the first nine months of 2023, preliminary GDP data from the Federal Competitiveness and Statistics Centre showed last month.
Non-oil GDP surged 5.9 per cent in the same period, representing about 74 per cent of the overall GDP contribution as UAE accelerates plans to diversify its economy away from hydrocarbons and draw foreign investment. Sectors including financial services, construction, and transport and storage recorded strong growth in the nine months to September last year, the figures showed.
Growth in 2023 was expected to slow sharply from 2022 across the Gulf region as oil production cuts for OPEC+ members, lower crude prices, and global economic headwinds weighed on the oil sector.
- With input from WAM, Reuters
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