Growth was driven by a strong expansion in non-oil sectors, which grew by 4.5 percent to AED987 billion
The Federal Competitiveness and Statistics Center announced today that the UAE’s real GDP posted a significant growth of 3.8 percent during the first nine months of 2024, reaching AED1.322 trillion. This growth was driven by a strong expansion in non-oil sectors, which grew by 4.5 percent to AED987 billion, reflecting the success of the country’s economic diversification strategy.
The contribution of non-oil activities to real GDP reached 74.6 percent, highlighting the increasing role of these sectors in supporting economic growth, while oil-related activities contributed 25.4 percent.
Nominal GDP grows 6 percent to AED 1.48 trillion
Meanwhile, the UAE’s nominal GDP reached AED 1.48 trillion during the same period, recording an annual growth of 6 percent. The value of non-oil GDP, at current prices, amounted to AED 1.136 trillion, registering a growth rate of 6.6 percent. Non-oil activities contributed 76.5 percent to the UAE’s nominal GDP, while the contribution of oil activities reached 23.5 percent.
Commenting on the nation’s strong economic growth, Abdullah bin Touq Al Marri, Minister of Economy, emphasized that the continuous growth of the national economy reaffirms the success of the UAE’s economic policies and strategies aimed at enhancing economic diversification, facilitating business activities and promoting the expansion of new economy sectors as a key driver for sustainable economic and social development.
Transport and storage support growth
The most prominent economic activities with the highest growth in GDP during the first nine months of 2024 were transport and storage activities, which witnessed a growth of 7.9 percent. The center attributed the sector growth to the strong performance of passenger traffic and flights at the UAE’s airports, which recorded more than 103 million passengers, with a growth rate of about 20 percent.
As for the construction and building sector, it achieved a growth of 7.4 percent in 2024 due to a significant increase in investments in urban infrastructure projects. Meanwhile, financial and insurance activities grew by 6.8 percent, government activities by 5.0 percent and restaurants and hotels by 4.9 percent.
Bin Touq added that national efforts continue to increase the contribution of non-oil sectors to the national economy, develop more flexible and competitive economic legislations, enhance economic openness to the world, and build productive partnerships with key regional and global markets. These efforts support the objectives of the “We the UAE 2031” vision, which aims to raise the UAE’s GDP to AED3 trillion by the next decade and establish the UAE as a global hub for the new economy.
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Trade boosts UAE’s non-oil GDP in 2024
In terms of economic activities that contribute the most to the UAE’s non-oil GDP, the trade sector ranked first with a contribution of 16.5 percent, followed by the manufacturing sector with 15.1 percent, and the financial and insurance activities with 12.1 percent. In addition, the construction sector contributed 11.7 percent while real estate activities contributed 7.6 percent.
“The data issued by the Federal Competitiveness and Statistics Center showed that the growth of the UAE’s GDP during the first nine months of last year reflects the country’s strong economic performance and its clear future vision that focuses on promoting sustainable economic growth supported by non-oil sectors. The UAE’s wise leadership adopts economic diversification as a solid approach and focus for future trends, and a driving force for achieving more accomplishments and ensuring sustainable economic growth,” stated Her Excellency Hanan Mansour Ahli, director of the Federal Competitiveness and Statistics Center.
