Page 164 - 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

In 2023, the GDP stood at AED1.68 trillion at constant prices, marking a 3.6 percent
increase from 2022. Furthermore, the non-oil GDP reached AED1.25 trillion, reflecting a

6.2 percent growth compared to 2022.

He said, "These figures solidify the UAE’s position as the fifth-largest economy globally in
terms of real GDP growth index. Moreover, the UAE ranks among the top 10 economies

globally across various competitiveness indicators tied to GDP.”

He added, “The national economy continues to demonstrate remarkable performance
under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan,

and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice

President, Prime Minister and Ruler of Dubai. 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 AED3 trillion within the next
decade and foster a shift towards a new economic model centred around diversity and

innovation.”

Abdullah bin Touq said that by the end of 2023, the contribution of non-oil sectors to the
country’s GDP reached 74.3 percent, marking a record-breaking growth of 2.5 percent as

compared to 2022. This milestone supports our developmental objectives and fosters a
diversified and sustainable national economy.

He further highlighted the country’s implementation of resilient and ambitious economic

policies and legislation to address global challenges. Furthermore, it has devised strategic
plans that promote economic diversification, support emerging sectors and advance the

new economy, further strengthening the UAE’s economic position regionally and globally.

https://www.zawya.com/en/economy/gcc/uaes-gdp-rises-36-secures-5th-largest-economy-position-in-real-gdp-growth-index-globally-ljv01nv7 2/4