The 4th Quarterly Economic Review has been released by the Central Bank of the United Arab Emirates (CBUAE), which predicts that the country’s real GDP growth will expand by 4.3% in 2024. The report highlights that the UAE’s economy has remained strong, with high growth for three-quarters of the year, thanks to both the oil and non-oil sectors. The non-oil sector is estimated to have grown at a similar pace in Q4 2022, with non-oil GDP growth projected to be 6.6% for 2022, driven by the real estate, construction, and manufacturing sectors.
The report also indicates that the CPI inflation increased by 4.6% in Q4 2022, with a projected decrease to 3.2% in 2023 and 2.8% in 2024. In addition, the CBUAE and Reserve Bank of India have signed an MoU to collaborate on fintech, including Central Bank Digital Currencies (CBDCs) and interoperability.