Non-oil GDP surged 5.9% in the same period
DUBAI – The United Arab Emirates (UAE) economy grew 3.3% in the first nine months of 2023, preliminary GDP data from the Federal Competitiveness and Statistics Centre showed on Thursday.
Non-oil GDP surged 5.9% in the same period, representing about 74% of the overall GDP contribution as the Gulf state, one of the world’s top oil exporters, accelerates plans to diversify its economy away from hydrocarbons and draw foreign investment.
Sectors including financial services, construction, and transport and storage recorded strong growth in the nine months to September last year, the figures showed.
Growth in 2023 was expected to slow sharply from 2022 across the Gulf region as oil production cuts for OPEC+ members, lower crude prices, and global economic headwinds weighed on the oil sector.
Source: Zawya
