Apr 25, 2024 (MENAFN via COMTEX) --
(MENAFN) Preliminary GDP data released by the Federal Center for Competitiveness and Statistics on Thursday revealed a notable 3.3 percent growth in the UAE economy during the first nine months of 2023. Of particular significance is the substantial increase of 5.9 percent in the non-oil GDP over the same period, representing 74 percent of the country's total GDP. This growth trajectory underscores the UAE's concerted efforts to diversify its economy away from heavy reliance on hydrocarbons, positioning itself as a magnet for foreign investment.
The data highlights significant expansion across sectors such as financial services, construction, transportation, and storage, indicating the resilience and dynamism of the UAE economy. This growth momentum is aligned with the UAE's strategic vision to accelerate economic diversification and attract foreign investment to drive sustainable development.
Forecasts from the UAE Central Bank project further economic growth, with expectations of a 4.2 percent expansion in 2023, rising to 5.2 percent by 2025. This outlook reflects the country's proactive measures to stimulate economic activity and foster a conducive business environment.
A recent Reuters poll underscores the optimism surrounding the UAE's economic prospects, indicating that it is poised to experience the fastest pace of growth in the region. This positive outlook is attributed to the diversification efforts undertaken by the UAE, as well as the robust recovery observed in non-oil sectors. The UAE's economic resilience and strategic initiatives position it as a key player in driving regional growth and prosperity.
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COMTEX_451419642/2604/2024-04-25T15:53:27
