UAE real gross domestic product (GDP) is expected to grow by 4 per cent this year, according to the International Monetary Fund (IMF).
In a statement, following the conclusion of a team of its experts’ visit to the United Arab Emirates regarding the 2024 Article IV consultations, the IMF stated that economic growth in the country is broad-based, driven by strong activity in the tourism, construction, manufacturing, and financial services sectors.
The IMF also anticipated that the UAE’s fiscal and external surpluses would remain high, supported by relatively high oil prices.
UAE GDP forecast
According to the IMF, the overall government surplus is expected to be around 5 per cent of the nation’s GDP in 2024, while the current account surplus is estimated to be about 10 per cent of GDP for the same year.
The IMF noted that banks in the United Arab Emirates generally possess substantial capital and liquidity reserves.
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