UAE shows sustained economic growth, says OPEC
OPEC highlights solid government finances, tax revenue surge, and growing tourism in the UAE's economic performance.
UAE’s Non-Oil Sector Drives Economic Growth, Tax Revenue Surges: OPEC Report
November 13, 2024
Vienna: The United Arab Emirates continues to demonstrate solid economic growth, particularly in the non-oil sector, the Organization of the Petroleum Exporting Countries (OPEC) said.
In its November report released today, OPEC said, “UAE central government finances showed continued strength in 2Q24, with revenues up 9.1% year-on-year (YoY), up 4.3%, YOY, from 1Q24.”
“The increase was primarily driven by improvements in tax revenue, reflecting both higher economic activity in the country and the successful implementation of tax code reforms,” OPEC said.
According to the report, tax revenue in 2Q24 was AED95.5 billion, or roughly $25.9 billion, while total income was AED143.2 billion, or roughly $38.9 billion.
An indication of strong economic underpinnings is the rise in employee compensation and social benefits.
In 2024, the emirate saw 11.9 million foreign tourists between January and August, surpassing the 11.1 million in 2023.
The S&P Global UAE PMI slipped further into expansionary territory in October, rising from 53.8 in September to 54.1 in October due to an increase in demand and the intake of new work orders.
