Page 311 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:55 AM UAE's economy grows 3.4% in Q1 on non-oil sector boost | The National

The UAE's economy rose by 3.6 per cent last year, driven by a 6.2 per cent boost from the

non-oil sector, the UAE Central Bank said in June. The banking regular revised down its

growth projections for 2024 to 3.9 per cent from a previous estimate of 4.2 per cent,

mainly due to a drop in oil output.

Growth is projected to accelerate to 6.2 per cent next year, with oil production forecast to

increase significantly as Opec eases cuts, while the non-oil sector continues to grow, the
Central Bank said.

The UAE's 2031 vision aims to raise its GDP to Dh3 trillion by the next decade.

In the first quarter of this year, the non-oil sector received a boost from the transport and

storage industry, which grew by 7.3 per cent, the Ministry of Economy said. This growth

was driven by the "notable increase" in the number of people passing through the
country's airports, which reached 36.5 million during the first three months of this year, up

14.7 per cent annually.

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