UAE’s real GDP posted growth of 3.8% in first nine months of 2024

The UAE’s real GDP posted a significant growth of 3.8% during the first nine months of 2024 compared to the same period in 2023, reaching Dhs1.322 trillion.

This growth was driven by a strong expansion in non-oil sectors, which grew by 4.5% to Dhs987 billion, reflecting the success of the country’s economic diversification strategy.

The contribution of non-oil activities to real GDP reached 74.6%, highlighting the increasing role of these sectors in supporting economic growth, while oil-related activities contributed 25.4%.

Abdullah Bin Touq Al Marri, Minister of Economy, emphasised 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.

Under the leadership of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, the country has focused on building an innovative economic model based on global best practices, capable of adapting to global economic changes and challenges.

Bin Touq stated 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 country’s GDP to Dhs3 trillion by the next decade and establish the UAE as a global hub for the new economy, he added.

In December, Abdulla Bin Touq Al Marri, has asserted that the preliminary estimates of the UAE’s GDP in the first half of 2024, issued by the Federal Competitiveness and Statistics Centre, reflect remarkable economic growth and competitiveness, solidifying the country’s position as a leading economic power for business and investment.

Bin Touq explained that the value of the UAE’s real GDP (at constant prices) reached Dhs879.6 billion in the first half of 2024, recording a notable increase of 3.6 per cent. Meanwhile, the value of the non-oil GDP during the same period was approximately Dhs660 billion, with a growth of 4.4 per cent, compared to the same period last year. With this, the contribution of non-oil sectors to the country’s GDP has reached 75 per cent.

The estimates also indicated that the UAE’s nominal GDP (at current prices) during the first half of 2024 reached approximately Dhs981 billion, registering a growth rate of 5.6 per cent. Meanwhile, the value of non-oil GDP at current prices during the same period rose to about Dhs749 billion, with a growth rate reaching 6.8 per cent, compared to the first half of 2023.

Bin Touq said, “The UAE has successfully laid the foundation for a sustainable, diversified economy driven by innovation and knowledge, aligning with global trends while maintaining its position as a premier economic hub regionally and internationally.

“This progress paves the way for achieving the economic goals outlined in ‘We the UAE 2031’ vision, including raising the UAE’s GDP to Dhs3 trillion within the next decade.”

The Minister of Economy stated that the robust growth of non-oil sectors during the first half of 2024 reflects the dynamic nature of the UAE’s economy and its capacity to seize emerging opportunities across multiple fields.

Bin Touq noted strong performance in key sectors, including transport, storage, finance, and construction, fuelled by initiatives to promote entrepreneurship, trade, and investment, as well as major developmental projects launched earlier this year. Tourism also recorded sustained growth, further reinforcing the UAE’s standing as a global tourism hub.

Additionally, the Minister underscored the importance of continued efforts and sector-wide integration to drive sustainable and inclusive economic progress.

Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre (FCSC), said, “The GDP figures for the first half of this year, published by the FCSC, reaffirm the UAE’s dedication to implementing its policy of economic openness as a consistent national strategy. By leveraging its capabilities, the UAE aims to strengthen its economic standing on both regional and global levels as one of the most dynamic and diversified economies, driven by forward-thinking strategies and sustainable diversification plans.”

According to the initial estimates released by FCSC, transportation and storage activities led economic growth in the first half of 2024, with an impressive 8.4 per cent growth rate. Financial and insurance activities ranked second with a growth rate of 7.6 per cent, followed closely by construction activities at 7.3 per cent. Information and communication activities ranked fourth, achieving a growth rate of 5.3 per cent.

WAM