The Central Bank of the United Arab Emirates (CBUAE) has revised its GDP growth forecast for 2024 to 4% from 3.9% previously.
Publish dateFriday 27 September 2024 - 00:16
According to Amac News: In the statement of the Central Bank, it is stated that this forecast was made due to the improvement of the performance of the oil sector and it is expected that the growth of the GDP will increase to 6%.
According to the quarterly economic report published by Apex Bank, growth forecasts are still influenced by tourism, transportation, financial services and insurance, construction and real estate, and communication sectors.
Non-hydrocarbon GDP growth is expected to remain at 5.2% in 2024 and 5.3% in 2025.
It is expected that the hydrocarbon sector will grow by 0.7% in 2024 and increase by 7.7% in 2025.
The fiscal balance for the first quarter of 2024 remained positive at 23.5 billion dirhams, representing 4.9 percent of GDP, compared to 23.2 billion dirhams or 5.1 percent of GDP in the first quarter of 2023.
Consolidated budget revenue in January-March 2024 reached 120.6 billion dirhams, or 24.9 percent of GDP, with an increase of 4.3 percent over the previous year.
The financial condition of the UAE has increased from 45.8% in the first quarter of 2022 to nearly 70% in the first quarter of 2024.
Government spending in the first quarter of 2024 amounted to 97.1 billion dirhams, equal to 20% of GDP, which represents an increase of 5% compared to the previous year.
According to the quarterly economic report published by Apex Bank, growth forecasts are still influenced by tourism, transportation, financial services and insurance, construction and real estate, and communication sectors.
Non-hydrocarbon GDP growth is expected to remain at 5.2% in 2024 and 5.3% in 2025.
It is expected that the hydrocarbon sector will grow by 0.7% in 2024 and increase by 7.7% in 2025.
The fiscal balance for the first quarter of 2024 remained positive at 23.5 billion dirhams, representing 4.9 percent of GDP, compared to 23.2 billion dirhams or 5.1 percent of GDP in the first quarter of 2023.
Consolidated budget revenue in January-March 2024 reached 120.6 billion dirhams, or 24.9 percent of GDP, with an increase of 4.3 percent over the previous year.
The financial condition of the UAE has increased from 45.8% in the first quarter of 2022 to nearly 70% in the first quarter of 2024.
Government spending in the first quarter of 2024 amounted to 97.1 billion dirhams, equal to 20% of GDP, which represents an increase of 5% compared to the previous year.
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Source : news agency wam
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