The UAE economy expanded by 3.6 per cent last year, driven by strong non-oil sector growth as the country continues to pursue its diversification goals.
The country’s gross domestic product reached Dh1.68 trillion ($456.56 billion) at constant prices last year, preliminary estimates from the Federal Competitiveness and Statistics Centre showed on Thursday.
At current prices, meanwhile, the Emirates’ GDP stood at Dh514.13 billion, representing an annual expansion of about 2.3 per cent.
The non-oil sector grew 6.2 per cent to Dh1.25 trillion last year, while the oil and gas sector contracted by 3.1 per cent.
Financial services was the fastest-growing sector in 2023 in the Arab world’s second-largest economy, expanding 14.3 per cent year-on-year after growing 6.6 per cent in 2022.
It was followed by transport and logistics, construction and real estate services, the data showed.
“The UAE’s economy has been remarkably resilient to both a lacklustre external backdrop as well as significantly higher interest rates in 2023,” Khatija Haque, head of research and chief economist at Emirates NBD, said in a research note on Wednesday.
Source: TRADE FINANCE
