The United Arab Emirates' (UAE) economy grew by 3.6 percent in 2023, the Gulf state's central bank said in its annual report on Thursday. It projected overall output growth to rebound to 3.9 percent in 2024 on the back of a recovery in various economic sectors.

The UAE's economy grew by 4.3 percent year on year in the fourth quarter, preliminary government data showed last month, with non-oil economic growth vastly outperforming overall GDP.

Meanwhile, a decline in oil activity last year due to lower production and prices weighed on full-year growth.