Page 344 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:58 AM UAE's GDP hits AED 430 billion in Q1 2024 - Virgin Radio Dubai

UAE'S GDP HITS AED 430 BILLION IN Q1

2024

News Home More from Business News Monday, 9 September 2024 13:48

By ARN News Staff

File photo
The UAE's GDP reached AED 430 billion in Q1 2024, recording a growth of 3.4 per cent compared to the
same period in 2023, while the non-oil GDP grew by four per cent compared to the same period last year.

The Minister of Economy, Abdulla bin Touq Al Marri, said that the preliminary estimates of the UAE's GDP growth in

the Q1 2024, issued by the Federal Competitiveness and Statistics Centre (FCSC), underline the resilience and
vitality of the national economy.

Al Marri also emphasised that the national economy's positive results reinforce achieving the economic objectives of
the "We the UAE 2031" vision, which includes raising the country's GDP to AED three trillion by the next decade.

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 growth of 7.9 per
cent, attributed to the significant increase in the local credit granted to the private sector, which led to a six per cent
growth and positively impacted the rebound of non-oil economic activities.

Following in the second place are transportation and storage activities, which grew 7.3 per cent, 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
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