The UAE Central Bank announced in its latest economic review that the UAE’s GDP grew by 7.9% in 2022, which is a slight increase from the previous projection of 7.6%. The Central Bank now forecasts GDP to grow by 3.3% in 2023 from its previous projection of 3.9%, as it expects slower growth in the oil sector due to agreements between OPEC+ members. The Bank maintained its 2024 GDP projections at 4.3%.
The Central Bank has revised its previous estimate of non-oil GDP for the UAE in 2022 from 6.6% to 7.2%. The Bank now expects non-oil GDP to grow by 4.5% and 4.6% in 2023 and 2024, respectively. According to the assessment, the UAE’s oil GDP grew by 3.1% year-on-year, in line with rules agreed by OPEC+. According to central bank projections, oil GDP is expected to grow by 3.5% in 2024.
The total number of visitors in the period January to April 2023 reached more than 6 million, which is 18% higher than the same period last year and about 4% lower than the pre-pandemic era.
