Page 377 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 12:01 PM UAE's GDP grew estimated 3.4% in Q1- state news agency - MarketScreener
UAE's GDP grew estimated 3.4% in Q1- state

news agency

September 09, 2024 at 05:41 am EDT Share

DUBAI (Reuters) - The United Arab Emirates'
economy grew 3.4% in the first quarter of 2024

compared with the same period the previous year,
according to preliminary government estimates

reported by the state news agency WAM on

Monday.

The UAE's gross domestic product reached 430 billion dirhams ($117 billion) in Q1, with

non-oil GDP growing 4% year-on-year during the period, WAM reported, citing figures from
the Federal Competitiveness and Statistics Centre.

Trade activities, manufacturing, and financial and insurance services were among the

biggest contributors to non-oil GDP, according to the report.

The UAE, one of the world's biggest oil exporters, has been increasingly focused on
diversifying economic sectors and revenue sources away from hydrocarbons, and is seen

as the Gulf region's tourism and commercial hub.

The International Monetary Fund said earlier this year that economic growth in the Gulf
state was broad-based, and driven by solid domestic activity in sectors such as tourism,

construction and financial services.

The Fund forecasts GDP growth in 2024 at 4%, higher than the 3.5% projected in its last
Regional Economic Outlook report published in April.

A Reuters poll of economists in July forecast GDP growth in the UAE of 3.7% in 2024

followed by 4.2% in 2025, boosted by non-oil sectors such as tourism as well as a gradual
increase in oil production.

($1 = 3.6728 UAE dirham)

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