In the fourth quarter of 2023, the UAE's economy grew by 4.3% year-on-year, with the non-oil economy significantly outpacing overall GDP according to preliminary government data.
Data from the Federal Competitiveness and Statistics Center showed that non-oil GDP surged by 6.7% during the same period.
Financial and insurance activities, transportation and warehousing, real estate, and construction were among the fastest-growing sectors.
The Gulf nation has also increased investments in renewable energy and advanced technologies.
As one of the world's major oil exporters, the UAE has accelerated its economic diversification plans, attracting foreign investment, with non-oil GDP now contributing over 70% to overall growth.
According to Reuters calculations, the actual GDP growth for 2023 is estimated at 3.6%, with non-oil GDP growth at 6.2%, as oil activities decreased last year due to lower production and prices, affecting oil and gas producers in all regions.
The International Monetary Fund recently stated that the UAE's economic growth is broad-based, driven by strong domestic activities in tourism, construction, and financial services.
The IMF raised its preliminary forecast for 2024 GDP growth from 3.5% in its April Regional Economic Outlook report to 4%.
A Reuters survey of economists in April also predicted the UAE's GDP growth for 2024 at 4%, the fastest among Gulf countries.
Analysts at Emirates NBD said in a research report on Thursday: "The UAE's economy has shown remarkable resilience in 2023 despite a weak external environment and significantly higher interest rates."
