Non-oil sectors propel UAE GDP growth

UAE secures 5th largest economy position in real GDP growth index globally

by

A Staff Reporter

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Top Stories

Published: Thu 30 May 2024, 10:02 PM

In 2023, the UAE's GDP stood at Dh1.68 trillion at constant prices, marking a 3.6 per cent increase from 2022, data showed on Thursday.

According to figures released by the Federal Competitiveness and Statistics Centre, the country’s non-oil GDP reached Dh1.25 trillion, reflecting a 6.2 per cent growth compared to 2022.


Along with GDP growth, the UAE ranked fifth worldwide in the Real Economic Growth Rate Index and sixth in GDP (PPP) per capita in the IMD World Competitiveness Yearbook 2023. Additionally, the UAE ranked sixth globally in the GNI Index in the UNDP Human Development Index Report 2024.

By the end of 2023, the contribution of non-oil sectors to the country’s GDP reached 74.3 per cent, marking a growth of 2.5 per cent as compared to 2022.


Last year, various economic sectors recorded substantial growth, including in financial activities and insurance, which led the way with a growth of 14.3 per cent, ranking first among the fastest-growing sectors in the UAE’s GDP. Transport and storage activities followed, achieving a GDP growth of 11.5 per cent, driven by a significant increase in airport passengers. The total number of international visitors reached approximately 31.5 million, marking a 25 per cent increase as compared to 2022.

Construction and building activities witnessed an 8.9 per cent growth, the highest in the past decade, while real estate activities achieved a growth rate of 5.9 per cent. Residency and food services sector grew by 5.5 per cent, reflecting the remarkable increase in international visitors in 2023. Hotel guests totalled 28 million, an 11 per cent increase as compared to 2022.

At current prices, the GDP has reached Dh1.88 trillion in 2023, recording a growth rate of 2.3 per cent. Non-oil GDP, also at current prices, amounted to Dh1.43 trillion, growing at 9.9 per cent, recording an increase of Dh128 billion as compared to 2022.

Abdulla bin Touq Al Marri, Minister of Economy, said: “The accomplished indicators and notable outcomes underscore UAE’s progress in achieving the objectives outlined by the ‘We the UAE 2031’ vision, which aims to elevate the country’s GDP to Dh3 trillion within the next decade and foster a shift towards a new economic model centered around diversity and innovation.”



More news from Business