Page 162 - MOE ENGLISH PR - MAY 2024

Along with GDP growth, the UAE ranked fifth worldwide in the Real
Economic Growth Rate Index and sixth in GDP (PPP) per capita in the IMD
World Competitiveness Yearbook 2023. Additionally, the UAE ranked sixth
globally in the GNI Index in the UNDP Human Development Index Report
2024.

By the end of 2023, the contribution of non-oil sectors to the country’s GDP
reached 74.3 per cent, marking a growth of 2.5 per cent as compared to 2022.

Last year, various economic sectors recorded substantial growth, including in
financial activities and insurance, which led the way with a growth of 14.3 per
cent, ranking first among the fastest-growing sectors in the UAE’s GDP.
Transport and storage activities followed, achieving a GDP growth of 11.5 per
cent, driven by a significant increase in airport passengers. The total number
of international visitors reached approximately 31.5 million, marking a 25 per
cent increase as compared to 2022.

Construction and building activities witnessed an 8.9 per cent growth, the
highest in the past decade, while real estate activities achieved a growth rate

of 5.9 per cent. Residency and food services sector grew by 5.5 per cent,
reflecting the remarkable increase in international visitors in 2023. Hotel
guests totalled 28 million, an 11 per cent increase as compared to 2022.

At current prices, the GDP has reached Dh1.88 trillion in 2023, recording a
growth rate of 2.3 per cent. Non-oil GDP, also at current prices, amounted to
Dh1.43 trillion, growing at 9.9 per cent, recording an increase of Dh128 billion
as compared to 2022.

Abdulla bin Touq Al Marri, Minister of Economy, said: “The accomplished
indicators and notable outcomes underscore UAE’s progress in achieving the
objectives outlined by the ‘We the UAE 2031’ vision, which aims to elevate the
country’s GDP to Dh3 trillion within the next decade and foster a shift
towards a new economic model centered around diversity and innovation.”

https://www.khaleejtimes.com/business/economy/non-oil-sectors-propel-uae-gdp-growth