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Middle East non-oil growth is robust amid diversification focus: PwC

The Middle East’s non-oil growth looks robust as the region continues to focus on the next phase of diversification and development, supported by government investment and reforms to attract private capital, according to the latest PwC Middle East Economy Watch.
Part-year data for 2023 indicates that several nations in the region are outpacing International Monetary Fund (IMF) estimates. The UAE saw a 5.9% year-on-year (YoY) growth in the first half, propelled by Abu Dhabi’s 8.6% YoY rise in the first nine months (with Q3 federal-level data pending) and Dubai’s sustained diversified expansion.
The IMF’s October 2023 estimates see GCC non-oil growth averaging 3.9% for the year, slightly lower than its 4.2% estimate for 2023.
With uncertainty around oil demand growth and the risk of increased supply from non-OPEC+ countries, OPEC+ members agreed to extend production cuts into the second quarter, suggesting a likely contraction in the oil sector in 2024 compared to last year.

Link: https://www.zawya.com/en/world/middle-east/middle-east-non-oil-growth-is-robust-amid-diversification-focus-pwc-rv9uruc5

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