UAE Economy on the Rise: Growth Rebounds to 3.6% in 2023

The United Arab Emirates' economy grew by 3.6% in 2023 and is projected to rebound to 3.9% in 2024, driven by a recovery in various economic sectors. In the fourth quarter of 2023, the UAE economy grew 4.3%, with non-oil sectors outperforming overall GDP despite a decline in oil activity due to lower production and prices.

The United Arab Emirates' economy grew 3.6% in 2023, the Gulf state's central bank said in its annual report on Thursday, and projected overall output growth to rebound to 3.9% in 2024 on the back of a recovery in various economic sectors.

The UAE economy grew 4.3% year-on-year in the fourth quarter, preliminary government data showed last month, with non-oil economic growth vastly outperforming overall GDP.

But a decline in oil activity last year on lower production and prices weighed on full year growth.