UAE GDP will climb 4.8% next year, according to a report by ICAEW.
GDP Growth Projection
The UAE’s GDP is anticipated to double in 2024, reaching 4.8 percent growth, a substantial increase from the 2.4 percent recorded year-on-year in 2023. This insight emerges from the latest Economic Insight report, commissioned by ICAEW and compiled by Oxford Economics.
Challenges and Potential Easing
While short-term growth might encounter limitations due to OPEC+ production quotas, the UAE’s higher reference quota hints at the potential easing of these constraints in 2024. This projection suggests a possibility of reduced limitations on production, potentially boosting economic prospects.
Oil Production Outlook
The current forecast for the UAE’s oil production indicates an estimated 3.28 million barrels per day, reflecting a slight decrease of 1.2 percent from the previous year.
Despite this marginal decline, the anticipation of a potential relaxation in production constraints in the coming year signifies a prospective shift in the nation’s oil output dynamics.