Page 30 - MOE ENGLISH PR REPORT - DECEMBER 2024 (International)

Press Release

Non-oil sectors contribute 75 per cent, with transport and storage being fastest growing
industries

UAE’s GDP grows by 3.6 per cent in the first half of 2024

>> Bin Touq: The non-oil GDP grew by 4.4 per cent in the first half of 2024, paving the way

for achieving the economic goals outlined in ‘We the UAE 2031’ vision.

• Non-oil economic activities recorded positive results in the first half of 2024, the

most notable of which are:

o Transport and storage activities have emerged as the fastest growing non-oil economic
sectors in the UAE’s GDP, achieving a growth rate of 8.4 per cent.

o The financial activities and insurance sector ranked second, achieving a growth rate of 7.6
per cent, and contributes 12.5 per cent to the UAE’s non-oil GDP.

o The construction and building activities ranked third with a growth rate of 7.3 per cent,
while the Information and Communication activities ranked fourth with a growth rate of
5.3 per cent.

Abu Dhabi, 30 December 2024: His Excellency Abdulla bin Touq Al Marri, Minister of
Economy, has asserted that the preliminary estimates of the UAE’s GDP in the first half of 2024,
issued by the Federal Competitiveness and Statistics Centre, reflect remarkable economic growth
and competitiveness, solidifying the country’s position as a leading economic power and a premier
destination for business and investment.

Bin Touq explained that the value of the UAE’s real GDP (at constant prices) reached AED 879.6
billion in the first half of 2024, recording a notable increase of 3.6 per cent. Meanwhile, the value
of the non-oil GDP during the same period was approximately AED 660 billion, with a growth of
4.4 per cent, compared to the same period last year. With this, the contribution of non-oil sectors
to the country’s GDP has reached 75 per cent.

The estimates also indicated that the nominal GDP (at current prices) of the UAE during the first
half of 2024 reached approximately AED 981 billion, registering a growth rate of 5.6 per cent.
Meanwhile, the value of non-oil GDP at current prices during the same period rose to about AED
749 billion, with a growth rate reaching 6.8 per cent, compared to the first half of 2023.

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