Page 371 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 12:00 PM PRESSR: UAE’s GDP totals AED 430bln in Q1 2024 with 3.4 per cent growth — TradingView News
growth and positively impacting the rebound of non-oil economic activities.

Following closely behind in the second place are transportation and storage

activities, which saw a growth of 7.3 per cent. This growth was 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 million travellers, a growth rate of

14.7 per cent compared to the same period last year. The UAE's ports have

demonstrated exceptional performance during this time, with Dubai's

international ports witnessing a 3.7 per cent growth in the number of containers
handled, while Abu Dhabi's ports experienced a 36 per cent increase in cargo

handling volume on an annual basis.

Ranking third, construction and building activities experienced a growth rate of

6.2 per cent in line with the several development projects initiated by the UAE

government in early 2024. They saw a substantial rise in the government’s

public capital expenditures, reaching AED 4.8 billion, compared to that of

Q1 2023.

The restaurant and hotel sector secured the fourth spot with a 4.6 per cent

growth during the first quarter of 2024 compared to the corresponding period in

2023. Moreover, the UAE emerged at the forefront of global tourism landscape,

attracting a substantial number of tourists from around the world. In particular,

Dubai witnessed a remarkable influx of 5.18 million international tourists,

representing an 11 per cent increase as compared to the corresponding period
in 2023. Abu Dhabi also maintained its exceptional performance in key tourism

indicators, including the average hotel occupancy rates and revenue per

available rooms.

Non-oil economic activities contribute significantly to non-oil GDP

Trade activities made the largest contribution to the non-oil GDP, accounting for

16.1 per cent. Manufacturing activities come in second at 14.6 per cent, with

financial and insurance activities ranking third at a rate of 13.4 per cent.

https://www.tradingview.com/news/reuters.com,2024-09-09:newsml_Zaw3hsMxT:0-pressr-uae-s-gdp-totals-aed-430bln-in-q1-2024-with-3-4-per-cent-g… 3/4