Page 170 - MOE ENGLISH PR - MAY 2024

Competitiveness and Statistics Authority, highlighted the success of various economic
sectors in implementing wise leadership directives. These directives prioritize economic
diversification, drive investments, and attract capital, entrepreneurs, and innovative

projects.

“Our national economy is steadily advancing towards achieving further growth and
significant outcomes across various levels,” Ahli said. “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, financial activities and insurance led the growth with a 14.3% increase, ranking

first among the fastest-growing sectors in the UAE’s GDP. Transport and storage
activities followed with an 11.5% GDP growth, driven by a significant rise in airport
passengers. International visitors totaled approximately 31.5 million, a 25% increase

from 2022.

Construction and building activities saw an 8.9% growth, the highest in the past decade,
while real estate activities grew by 5.9%. The residency and food services sector grew

by 5.5%, reflecting the remarkable increase in international visitors, with hotel guests
totaling 28 million, an 11% rise from 2022.

At current prices, the GDP reached AED 1.88 trillion in 2023, recording a growth rate of
2.3%. Non-oil GDP at current prices amounted to AED 1.43 trillion, achieving a growth

rate of 9.9% and an increase of AED 128 billion from 2022.

The UAE further strengthened its position among the top 10 countries 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://sharjah24.ae/en/Articles/2024/05/30/UAE-GDP-rises-36-secures-5th-place-globally-in-
real-GDP-growth