UAE Cuts Economic Growth Forecast Amid OPEC+ Oil Output Cap
- Oil growth seen at under 3%, weighing down on overall GDP
- Non-oil GDP to remain stable, in line with prior estimates
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The United Arab Emirates revised down its economic growth projection this year on the back of lower oil production under its OPEC+ quota.
Gross domestic product is now seen at 4.2% in 2024, according to the central bank’s quarterly economic review, down from an earlier estimate of 5.7% in December. This is mainly due to “a slower recovery in oil production in light of the OPEC+ agreement in November 2023, and a robust yet declining growth in the non-oil sector,” according to the report.