Page 328 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:56 AM UAE’s Real GDP Grows 3.4% To $117B In First Quarter
in the local credit granted to the private sector.

Transportation and storage activities stood second with 7.3% growth, attributable to a notable rise in
the number of travelers at the country’s airports during the quarter, which grew by 14.7% year-on-

year to 36.5 million. The UAE’s ports saw a 3.7% growth in the number of handled containers,
while Abu Dhabi’s ports witnessed a 36% boost in cargo handling.

Similarly, construction and building activities followed at the third spot, growing by 6.2% amid

several development projects started by the UAE’s government during the quarter. The restaurant
and hotel sector recorded the fourth position, with a 4.6% growth during the quarter as the country

attracted a significant number of tourists.

In the prior quarter, the Gulf country’s economy had registered a 4.3% year-on-year growth, with

non-oil GDP rising 6.7%, according to a May statement.

Hanan Ahli, managing director of the FCSC, said that the UAE’s advanced rankings in multiple
global economic competitiveness indicators can be attributed to numerous factors, including the

financial system’s stability, the strength of the national economy, the effectiveness of economic
legislation and policies applied in the country and their ability to adapt to changes and face regional

and global challenges.

Economic activities

In terms of economic activities, trade activities remained the biggest contributor to the non-oil

economy during the first quarter, accounting for 16.1%. The second spot was attained by

manufacturing activities at 14.6%, followed by financial and insurance activities at 13.4%.

Construction and building activities accounted for 11.8%, while real estate activities stood at 7.1%.

Big number

The UAE’s Minister of Economy and Planning, Abdulla bin Touq Al Marri, said that the positive

results are in line with the economic objectives set in the "We the UAE 2031" vision, which

includes boosting the country’s GDP to $816.7 billion (AED 3 trillion) by the next decade.

What to watch for

The Central Bank of the UAE said in June it expects the country’s strong foreign trade performance
to continue through 2025, with the real GDP growth projected at 3.9% in 2024 and 6.2% in 2025.

Non-oil economy is forecasted at 5.4% and 5.3% in 2024 and 2025, respectively.

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