WASHINGTON: The UAE GDP is projected to grow at 3.3 percent in 2024, rising to 4.1 percent in 2025, according to the World Bank’s latest semi-annual MENA Economic Update, released today.

Entitled “Growth in the Middle East and North Africa”, the report noted that the UAE is expected to lead with 2024 real GDP per capita growth rates of 2.5 percent, and 3.4 percent in 2025 driven by robust growth in the non-oil sector.

According to the report, the UAE’s current account surplus is expected to decline to 7.5 percent in 2024 down from 9.2 percent of GDP in 2023, despite continued diversification efforts. The UAE is expected to sustain fiscal surpluses of 4.9 percent of GDP in 2024, and 4.7 percent in 2025, the report said.

In 2025, MENA is expected to grow at 3.8 percent. Growth in GCC countries is expected to strengthen to 4.2 percent in 2025, up from 1.9 percent in 2024. Growth in developing oil exporters is forecast at 2.7 percent in 2024 and at 2.1 percent for developing oil importers.

The report forecas
ts the region’s overall GDP growth to rise modestly to 2.2 percent in 2024 in real terms, up from 1.8 percent in 2023. This uptick is driven by Gulf Cooperation Council (GCC) countries, where growth is projected to rise from 0.5 percent in 2023 to 1.9 percent in 2024 and 4.2 percent in 2025.

In the rest of MENA, growth is expected to decelerate. Oil importers’ growth is forecast to slow from 3.2 percent in 2023 to 2.1 percent in 2024, and that of non-GCC oil exporters to decline from 3.2 percent to 2.7 percent.

Source: Emirates News Agency