Page 323 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:56 AM UAE's non-oil GDP grows 4 percent in Q1 2024
According to data, 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 6 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, 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 rise in the government’s public capital expenditures, reaching AED4.8 billion, compared
to that of Q1 2023.
Tourism remains key sector
The restaurant and hotel sector secured the fourth spot with a 4.6 per cent growth during the first
quarter of 2024 compared to the corresponding period in 2023. Moreover, the UAE emerged at the
forefront of global tourism landscape, attracting a substantial number of tourists from around the
world. In particular, Dubai witnessed a remarkable influx of 5.18 million international tourists,
representing an 11 per cent increase as compared to the corresponding period in 2023. Abu Dhabi
also maintained its exceptional performance in key tourism indicators, including the average hotel
occupancy rates and revenue per available rooms.
Read: Travel industry set to add record $11 trillion to global GDP in 2024
Non-oil activities boost GDP
Trade activities made the largest contribution to non-oil GDP, accounting for 16.1 per cent.
Manufacturing activities come in second at 14.6 per cent, with financial and insurance activities
ranking third at a rate of 13.4 per cent. Construction and building activities contributed 11.8 per
cent, followed by the real estate activities with a contribution of 7.1 per cent.

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