Page 365 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

UAE's GDP Hits AED 430 Billion In Q1 2024

Highlighting Economic Resilience

By OneArabia
Updated: Monday, September 9, 2024, 13:07 [GST]

Abdulla bin Touq Al Marri, UAE Minister of Economy, highlighted the UAE's robust economic
performance in Q1 2024. Preliminary estimates from the Federal Competitiveness and Statistics
Centre (FCSC) show a 3.4 percent growth in real GDP, reaching AED430 billion. Non-oil GDP also
saw a 4 percent increase compared to the same period last year.

Hanan Ahli, Managing Director of the FCSC, noted that the UAE's economic resilience is evident in
its advanced global rankings. She attributed this to the stability of the financial system, strong
national economy, and effective economic policies. These factors have enabled the country to
adapt to regional and global challenges.

The financial and insurance sectors led non-oil economic growth with a 7.9 percent increase. This
was driven by a significant rise in local credit granted to the private sector, which grew by six
percent. This boost positively impacted non-oil economic activities.

https://www.onearabia.me/business/uae-gdp-growth-q1-2024-economic-resilience-011-
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