Page 168 - MOE ENGLISH PR - MAY 2024

and innovative projects.

She 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.”

Substantial Growth

In 2023, 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.

Similarly, 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, achieving a growth rate of 9.9 per cent and an increase of Dh
128 billion as compared to 2022.

Along with the exceptional growth in GDP, the UAE has further fortified its
position among the top 10 countries in the world in various GDP-related global
competitiveness indicators. The country 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 achieved sixth

place globally in the GNI Index, in the UNDP Human Development Index
Report 2024.

https://en.aletihad.ae/news.