Page 317 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:55 AM UAE’s GDP totals AED 430bln in Q1 2024 with 3.4 per cent growth

Hanan Ahli: GDP growth represents the flexibility of UAE’s economic sectors

H.E. Hanan Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, said: “The
financial and economic data and indicators endorsing the growth of the UAE’s GDP Q1 2024 reflect the

resilience of the country’s vital economic sectors. It highlights the effectiveness of the concerted efforts
to implement the directives of the wise leadership to enhance sustainable economic diversification,
reduce dependence on oil, promote investments, and attract capital and innovative and emerging
projects to the country.”

She added that the UAE’s advanced rankings in multiple global economic competitiveness indicators

can be attributed to several factors, including the stability of the financial system, the strength of the
national economy, and the effectiveness of economic legislation and policies applied in the country,
besides their ability to adapt to changes and face regional and global challenges.

Non-oil economic activities showcase highest growth

Based on the data released by the Federal Competitiveness and Statistics Centre, financial and
insurance activities have emerged as the leading non-oil economic sector contributing to the UAE’s GDP
growth, with a remarkable growth of 7.9 per cent. This growth can be attributed to the significant
increase in the local credit granted to the private sector, which led to a six per cent growth and positively
impacting the rebound of non-oil economic activities. Following closely behind in the second place are

transportation and storage activities, which saw a growth of 7.3 per cent. This growth was driven by a
notable increase in the number of travellers at the country's airports during the first three months of this
year, reaching 36.5 million travellers, a growth rate of 14.7 per cent compared to the same period last

year. The UAE's ports have demonstrated exceptional performance during this time, with Dubai's
international ports witnessing a 3.7 per cent growth in the number of containers handled, while Abu
Dhabi's ports experienced a 36 per cent increase in cargo handling volume on an annual basis.

Ranking third, construction and building activities experienced a growth rate of 6.2 per cent in line with
the several development projects initiated by the UAE government in early 2024. They saw a substantial

https://www.zawya.com/en/press-release/government-news/uaes-gdp-totals-aed-430bln-in-q1-2024-with-34-per-cent-growth-brprjsi6 4/5