Page 169 - MOE ENGLISH PR - MAY 2024

UAE GDP rises 3.6%, secures 5th place globally in

real GDP growth

May 30, 2024 / 10:14 PM
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Sharjah 24 – WAM: Abdullah bin Touq Al Marri, UAE Minister of Economy, announced
that preliminary data for the UAE's 2023 GDP reflects positive growth across various
key sectors, as reported by the Federal Competitiveness and Statistics Centre.

In 2023, the UAE’s GDP reached AED 1.68 trillion at constant prices, a 3.6% increase

from 2022. The non-oil GDP also saw significant growth, reaching AED 1.25 trillion,
marking a 6.2% rise from the previous year.

“These figures solidify the UAE’s position as the fifth-largest economy globally in terms
of real GDP growth index,” Al Marri stated. “Moreover, the UAE ranks among the top 10

economies globally across various competitiveness indicators tied to GDP.”

He praised the exceptional performance of the national economy 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. The results highlight the

UAE’s progress towards the 'We the UAE 2031' vision, which aims to boost the

country’s GDP to AED 3 trillion within the next decade, fostering a diverse and
innovative economic model.

By the end of 2023, non-oil sectors contributed 74.3% to the UAE’s GDP, a record-
breaking growth of 2.5% from 2022. This milestone supports the country’s

developmental goals and fosters a diversified, sustainable national economy.

Al Marri emphasized the implementation of resilient and ambitious economic policies

and legislation to tackle global challenges. Strategic plans promoting economic

diversification and supporting emerging sectors have bolstered the UAE’s economic
position regionally and globally.

Hanan Mansoor Ahli, Executive Director of the Competitiveness Sector at the Federal

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