Non-oil activities expand by 4.5 per cent

UAE GDP sees 3.8 per cent growth in first nine months of 2024

• H.E. Abdulla bin Touq Al Marri:
• Guided by the directives of our wise leadership, the UAE has built an innovative economic model based on global best practices. The continued growth of our national economy is a testament to the success of the country's economic diversification policies.
• National efforts remain focused on achieving the objectives of the 'We the UAE 2031' vision, which aims to raise the country’s GDP to AED 3 trillion by the next decade and solidify its position as a global hub for the new economy

• E. Hanan Ahli: The UAE's robust economic performance is driven by a clear and forward-looking vision, firmly focused on fostering sustainable economic growth

The UAE’s real GDP grew by 3.8 per cent during the first nine months of 2024 compared to the same period in 2023, totaling AED 1.322 trillion. Meanwhile, the country’s non-oil GDP grew by 4.5 per cent to reach AED 987 billion. The contribution of non-oil sectors to real GDP reached 74.6 per cent, while oil-related activities contributed 25.4 per cent.

H.E. Abdulla bin Touq Al Marri, Minister of Economy, said that the continued growth of the national economy is a testament to 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 the key drivers of sustainable economic and social development. H.E. highlighted that, under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE has built an innovative economic model based on global best practices, ensuring flexibility and resilience in navigating rapid economic shifts and global challenges.

H.E. Bin Touq said: “The concerted national efforts to increase the contribution of non-oil sectors to the national economy, develop more flexible and competitive economic legislation, promote economic openness to the world, and build productive, impactful partnerships with prominent markets around the world, are continuing. This supports the achievement of the ‘We the UAE 2031’ objectives, aimed at raising the country's GDP to AED 3 trillion by the next decade and consolidating the UAE’s status as the global hub for the new economy.”

H.E. Hanan Mansoor Ahli, Managing Director of the Federal Competitiveness and Statistics Centre (FCSC), said: “The continued growth in the UAE's GDP during the first nine months of last year reflects the strong economic performance of the country and a clear vision for the future focused on promoting sustainable economic growth driven by non-oil sectors.”

Her Excellency added: “The UAE’s wise leadership has adopted a well-established and future-oriented approach to economic diversification, laying a solid foundation for more achievements, sustained GDP growth and progress across various other economic and growth indicators.”

Further developed economic activities

Transport and warehousing sectors led the growth during the first nine months of 2024, growing by 7.9 per cent, driven by the outstanding performance of passenger traffic and flights at the country's airports, which recorded more than 103 million passengers, up 20 per cent.

Meanwhile, the construction sector grew by 7.4 per cent as a result of a significant increase in investments in urban infrastructure projects. Financial and insurance activities grew by 6.8 per cent, government activities by 5.0 per cent, and restaurants and hotels by 4.9 per cent.

In terms of economic activities that contributed the most to the non-oil GDP, the trade sector ranked first with a contribution of 16.5 per cent. The manufacturing sector came in second with a contribution of 15.1 per cent, followed by financial and insurance activities at 12.1 per cent, the construction sector at 11.7 per cent, and real estate activities at 7.6 per cent.

In a similar context, the value of nominal GDP during the first nine months of 2024 reached AED 1,486.3 billion, recording a growth of six per cent, compared to the same period in 2023. The value of non-oil GDP, at current prices, reached AED 1,136.6 billion, up 6.6 per cent. Non-oil activities contributed to nominal GDP by 76.5 per cent, while oil and gas contributed 23.5 per cent.