The Central Bank also expected, in its quarterly review report for the fourth quarter of 2023, non-oil GDP growth by 4.7 percent in 2024 and 2025, and oil GDP growth by 2.9 percent in 2024 and 6.2 percent in 2025.

The Central Bank stated that the consolidated financial balance of the UAE recorded a surplus of 61 billion dirhams during the first nine months of last year, equivalent to 4.4 percent of the gross domestic product, and total revenues amounted to about 370 billion dirhams, while expenses amounted to about 309 billion dirhams.

The Central Bank report expected that the recent imposition of a federal tax on companies would contribute to further strengthening government financing and contributing to diversifying sources of income away from the oil sector.

The report indicated that the non-oil private sector continues to show signs of strong economic activity, as the Purchasing Managers’ Index reached 56.6 in January 2024, against the backdrop of continued business confidence in the economic outlook, as this optimism is based on expectations of continued strength in demand and sales, which is expected to increase. It supports a steady expansion in production, along with the potential for establishing new projects and increasing investment.

The report noted that the Purchasing Managers' Index in Dubai reached 56.6 last January, which indicates sustainable growth in the emirate's non-oil private sector.

According to the Central Bank’s report, positive readings related to employment and wage growth indicate strong consumption in the future. The number of employees in the private sector, as measured by the 3-month moving average, increased by 3.1 percent in the fourth quarter of last year, and the 3-month moving average of salaries rose. months in the last quarter of the same year by 7.4 percent compared to the same period in 2022, which enhanced the purchasing power of individuals.