UAE posts 4pc GDP growth in 2024

JEDDAH, June 15 (Arab News): The UAE's gross domestic product reached 1.77 billion dirhams ($481.4 billion) in 2024, recording 4 per cent growth, with non-oil sectors contributing 75.5 per cent of the total, highlighting diversification progress.
The Central Bank of the UAE has maintained its real GDP growth forecast at 4 per cent for 2024, with an expected acceleration to 4.5 per cent in 2025 and 5.5 per cent in 2026.
According to the Central Bank's Quarterly Economic Review for December 2024, this growth outlook was supported by strong performances in tourism, transportation, financial and insurance services, construction and real estate, and communication sectors.
In comparison, Saudi Arabia, the largest economy in the region, recorded a modest growth rate of 1.3 per cent in 2024, with its non-oil sector contributing 54.8 per cent of GDP as the Kingdom steadily advances its Vision 2030 reforms.
Qatar's economy expanded by 2.4 per cent, supported by non-hydrocarbon activities comprising nearly 64 per cent of GDP, reflecting ongoing efforts to broaden its economic base.
Oman's GDP grew by 1.7 per cent, driven by a 3.9 per cent increase in non-oil activities, particularly in industry and services, while Kuwait's economy contracted by 2.7 per cent in 2024 due to lower oil revenues under extended OPEC+ cuts, though its non-oil sector showed relative resilience with stronger private sector credit growth.
According to the Federal Competitiveness and Statistics Centre, the non-oil GDP grew by 5 per cent.