"OPEC": The UAE continues to achieve strong growth in its non-oil sectors
Vienna, May 14 / WAM / The Organization of the Petroleum Exporting Countries (OPEC) said that the UAE continues to achieve strong growth in its non-oil sectors, driven by government support and solid demand.
OPEC added, in its May report issued today, that the non-oil GDP of the United Arab Emirates recorded a significant year-on-year increase of 7.3% in the second quarter of 2023, with significant contributions from the construction, finance and insurance sectors.
OPEC indicated that the achieved growth momentum came as a continuation of the economic performance last year 2023, especially in Abu Tabi, where non-oil gross domestic product grew by 10.4%, on an annual basis, in the fourth quarter of last year.
OPEC explained that Dubai’s economy expanded by 3.5% on an annual basis in the third quarter of 2023, with a noticeable growth in transportation and storage by 12.0%, and accommodation and food services activities by 16.1%, while the construction sector expanded by about 1.1%.
According to OPEC, the UAE Central Bank kept the key interest rate constant at 5.4%, unchanged since July 2023, while the UAE Purchasing Managers’ Index reached 55.3 in April, from 56.9 in March, but it remains stable in the expansionary zone. Which indicates continued growth.
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