The UAE continued to demonstrate growth in its non-oil sectors, recording a 6.7 percent expansion in the fourth quarter of 2023, up from 5.8 percent in Q3 of 2023, revealed the latest data from the Organisation of the Petroleum Exporting Countries (OPEC).
In its June 2024 Monthly Oil Market Report (MOMR), OPEC also revealed that the construction sector accelerated to 8.4 percent in Q4 of 2023, up from 8 percent in the previous quarter. Meanwhile, overall growth reached 6.4 percent from 2.6 percent during the same period.
Key service segments in the UAE’s non-oil sector also experienced growth with financial and insurance activities growing by 17.6 percent year-on-year in Q4 of 2023, up from 11.8 percent in Q3 of 2023.
The country’s tourism sector also witnessed exponential growth last year. Data from the Dubai Department of Economy and Tourism reveals that 2023 was a record year for tourism in the emirate. The number of international visitors saw a 19.4 percent increase from 2022, surpassing pre-pandemic levels.
In addition, early indicators for 2024 point to another strong year in Dubai’s tourism sector, with the number of visitors in Q1 alone witnessing an 11 percent annual increase.
The OPEC report also cited S&P Global’s PMI for the UAE which indicated that this ongoing growth, particularly in the manufacturing sector, was due to a 51 percent increase in the issuance of new industrial licenses in 2023.
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