Page 159 - MOE ENGLISH PR - MAY 2024

5/31/24, 5:01 PM UAE’s GDP rises 3.6%, secures 5th largest economy position in real GDP growth index globally | Emirates News Agency
Hanan Ahli said, “Our national economy is steadily

advancing toward achieving further growth and

producing significant outcomes across various levels.

Guided by forward-looking insights, the focus is on non-

oil, new and emerging sectors. The UAE economy is

projected to achieve promising growth rates in the

coming years.”

In 2023, various economic sectors recorded substantial

growth, including in financial activities and insurance,

which led the way with a growth of 14.3 percent, ranking

first among the fastest-growing sectors in the UAE’s

GDP. Transport and storage activities followed, achieving

a GDP growth of 11.5 percent, driven by a significant

increase in airport passengers. The total number of

international visitors reached approximately 31.5

million, marking a 25 percent increase as compared to

2022.

Similarly, construction and building activities witnessed

an 8.9 percent growth, the highest in the past decade,

while real estate activities achieved a growth rate of 5.9

percent. Residency and food services sector grew by 5.5

percent, reflecting the remarkable increase in

https://wam.ae/en/article/b3ew7vs-uae’s-gdp-rises-36-secures-5th-largest-economy 4/6