Page 26 - MOE ENGLISH PR - MAY 2024

Press Release

UAE’s GDP rises 3.6%, secures 5 largest economy position
th

in real GDP growth index globally

H.E. bin Touq: The non-oil GDP of the country has experienced a growth rate of 6.2 per cent
in 2023. Under the guidance of the wise leadership, the national economy is consistently
performing exceptionally well.

Minister of Economy: The non-oil sectors contributed 74.3 per cent to the national economy
by the end of 2023, marking the highest percentage ever recorded in the UAE’s history. This
substantial contribution aligns with our development objectives, reinforcing the
diversification and sustainability of the national economy.

H.E. Hanan Ahli: The growth in the GDP reflects the successful implementation of directives
from the wise leadership. This is achieved through economic diversification, fostering
investments, and promoting entrepreneurship and innovation within the UAE.

Abu Dhabi, 30 May 2024:

His Excellency Abdulla bin Touq Al Marri, the Minister of Economy, said: “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 AED 1.68 trillion at constant
prices, marking a 3.6 per cent increase from 2022. Furthermore, the non-oil GDP reached AED
1.25 trillion, reflecting a 6.2 per cent growth compared to 2022. 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.”

H.E. added: “The national economy continues to demonstrate remarkable performance under the
leadership of H. H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and the
directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE 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 AED 3 trillion within the next decade and foster a shift
towards a new economic model centered around diversity and innovation.”