Page 339 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:58 AM UAE's Economy Grows by 3.4% in Q1 2024, Driven by Non-Oil Sector Expansion

Key non-oil sectors driving the growth include financial and insurance activities, which

surged by 7.9%, primarily due to increased local credit to the private sector. Transportation

and storage activities followed closely with a 7.3% rise, fueled by a 14.7% increase in air

travelers, reaching 36.5 million passengers.

The construction and building sector recorded a 6.2% growth, supported by an increase in

public capital expenditures. The restaurant and hotel industry also saw a 4.6% growth,

reflecting the UAE’s prominence as a global tourism destination, particularly in Dubai and
Abu Dhabi.

Trade activities were the largest contributor to the non-oil GDP at 16.1%, followed by

manufacturing at 14.6%, and financial and insurance at 13.4%. The steady performance of

the UAE’s ports and rising tourism further bolstered the nation’s economic growth in Q1

2024.

News Source: Emirates News Agency

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