FX.co ★ UAE GDP Growth Slows to 3.60% Year-Over-Year in May 2024

The United Arab Emirates (UAE) has reported a significant slowdown in its Gross Domestic Product (GDP) growth for May 2024, with the rate falling to 3.60% year-over-year from the previous 7.90%. The updated figures were released on May 23, 2024, highlighting a notable deceleration in economic expansion compared to the same period last year.

The comparisons are based on year-over-year data, where the actual change is observed from May 2024 relative to May 2023. Previously, the comparison outlined the change in April 2024 relative to April 2023. This shift in economic performance marks a significant turn for the UAE economy, which had been experiencing robust growth in the earlier months.

Economic analysts will closely examine these latest figures to determine the underlying factors contributing to the substantial decrease in GDP growth. The notable drop may result in policy changes or economic adjustments to stabilize and boost the growth trajectory in the upcoming quarters.