Page 363 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 11:59 AM UAE GDP tops $117bn in Q1; 3.4% increase

UAE GDP tops $117bn in Q1; 3.4% increase

ABU DHABI Mon, 09 Sep 2024

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The UAE's real GDP reached AED430 billion ($117.07 billion) in Q1 2024, recording a remarkable growth of 3.4 percent
compared to the same period in 2023, according to the preliminary estimates issued by the Federal Competitiveness and Statistics
Centre (FCSC).

The non-oil GDP grew by 4 percent compared to the same period last year, a Wam news agency report said.

Abdulla bin Touq Al Marri, Minister of Economy, said that the data underlines the resilience and vitality of the national economy
and exemplify its ability to continue on the path of sustainable growth.

"Under the guidance of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the directives of His Highness
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and 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 partnerships, and transitioning towards an economic model based on flexibility and innovation," Bin Touq
added.

He 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 AED3 trillion by the next decade.

Hanan Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, said: "The financial and economic data and
indicators endorsing the growth of the UAE's GDP Q1 2024 reflect the resilience of the country's vital economic sectors. It
highlights the effectiveness of the concerted efforts to implement wise leadership's directives to enhance sustainable economic
diversification, reduce dependence on oil, promote investments, and attract capital and innovative and emerging projects to the
country."

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