The real gross domestic product (GDP) of the UAE is likely to grow by 4% in 2024, according to The International Monetary Fund (IMF).

 

In a statement today, following the conclusion of a team of its experts' visit to the UAE regarding the 2024 Article IV consultations, the IMF stated that economic growth in the UAE is broad-based, driven by strong activity in the tourism, construction, manufacturing, and financial services sectors.

 

The IMF also anticipated that the UAE's fiscal and external surpluses would remain high, supported by relatively high oil prices.

 

According to the IMF, the overall government surplus is expected to be around 5 percent of the UAE's GDP in 2024, while the current account surplus is estimated to be about 10 percent of GDP for the same year.

 

The IMF noted that banks in the UAE generally possess substantial capital and liquidity reserves.