Page 171 - MOE ENGLISH PR - MAY 2024

UAE’s GDP rises 3.6%, secures 5th

largest economy position in real GDP

growth index globally

Story by Hatem Mohamed / Khoder Nashar

• 18h • 3 min read

ABU DHABI, 30th May, 2024 (WAM) -- Abdullah bin Touq Al Marri, Minister

of Economy, said that preliminary data for the UAE’s 2023 GDP showcases
positive growth trends across various indicators, including key sectors crucial to
the national economy, as outlined by the Federal Competitiveness and Statistics
Centre.

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

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