Page 288 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 5:06 PM UAE's GDP Grew Estimated 3.4% in Q1 State News Agency

UAE's GDP Grew Estimated 3.4% in Q1 State News Age

By Reuters | Sept. 9, 2024, at 5:41 a.m.
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REUTERS
FILE PHOTO: A general view of Dubai Downtown showing world's tallest building Burj Al Khalifa, in Dubai United Arab
Emirates, December 31, 2022. REUTERS/Abdelhadi Ramahi/File Photo

DUBAI (Reuters) - The United Arab Emirates' economy grew 3.4% in the first quarter of 2024
compared with the same period the previous year, according to preliminary government
estimates reported by the state news agency WAM on Monday.

The UAE's gross domestic product reached 430 billion dirhams ($117 billion) in Q1, with non-oil
GDP growing 4% year-on-year during the period, WAM reported, citing figures from the Federal
Competitiveness and Statistics Centre.

Trade activities, manufacturing, and financial and insurance services were among the biggest
contributors to non-oil GDP, according to the report.

The UAE, one of the world's biggest oil exporters, has been increasingly focused on diversifying
economic sectors and revenue sources away from hydrocarbons, and is seen as the Gulf
region's tourism and commercial hub.

The International Monetary Fund said earlier this year that economic growth in the Gulf state was
broad-based, and driven by solid domestic activity in sectors such as tourism, construction and
financial services.

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