Page 376 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

9/19/24, 12:01 PM UAE's GDP hits AED430 billion in Q1 2024
containers handled, while Abu Dhabi's ports experienced a 36 percent increase in

cargo handling volume on an annual basis.

Ranking third, construction and building activities experienced a growth rate of 6.2

percent, which aligns 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 AED4.8 billion, compared to that of Q1 2023.

The restaurant and hotel sector secured the fourth spot with a 4.6 percent growth

during the first quarter of 2024 compared to the corresponding period in 2023.

Moreover, the UAE emerged at the forefront of the 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 percent increase 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.

Trade activities made the largest contribution to the non-oil GDP, accounting for
16.1 percent. Manufacturing activities come in second at 14.6 percent, with

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

Construction and building activities contribute 11.8 percent, followed by real estate

activities with a contribution of 7.1 percent.

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