Page 350 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:58 AM Latest News

UAE’s GDP totals AED 430 billion in Q1 2024 with

3.4 per cent growth H.E. Bin Touq: Non-oil GDP

grows by 4 per cent in Q1 2024 supporting the

achievement of the ‘We the UAE 2031’ vision

09/09/2024

o Financial & insurance activities top non-oil economic activities with the fastest

growth rate of 7.9 per cent due to the increase in the local credit to the private sector
o Robust tourism inflows to the UAE lead to a 4.6 per cent growth in restaurant and

hotel activities

Abu Dhabi, 9 September 2024:
H.E. Abdulla bin Touq Al Marri stated: “The preliminary estimates of the UAE’s GDP growth in the first quarter

(Q1) of 2024, issued by the Federal Competitiveness and Statistics Centre (FCSC), once again underline the
resilience and vitality of the national economy and exemplify its ability to continue on the path of sustainable

growth. They also reflect the UAE’s commitment to fostering economic diversification focused on knowledge
economy sectors, as the country’s real GDP reached AED 430 billion in Q1 2024, recording a remarkable

growth of 3.4 per cent compared to the same period in 2023, while the non-oil GDP grew by 4 per cent
compared to the same period last year”.
“Under the guidance of H.H Sheikh Mohammed bin Zayd Al Nahyan, President of the UAE, Ruler of Abu

Dhabi, and the directives of H.H Sheikh Mohammed bin Rashed Al Maktoum, Vice President and Prime
Minister of the UAE, Ruler of Dubai, the country adopted an innovative economic model that supports its

future vision, along with effective national economic strategies, enhancing openness to the world, promoting

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