Page 104 - MOE ENGLISH PR REPORT - JUNE 2024 (International)

7/1/24, 5:05 PM Small Business - Shelby County Reporter | Shelby County Reporter

UAE's GDP rises 3.6%,

secures 5th largest

economy position in

real GDP growth index

globally

24-7 Press Release Newswire
Tuesday, June 4, 2024 at 11:00am GMT+4

DUBAI, UAE, June 04, 2024 /24-7PressRelease/ -- The United Arab Emirates (UAE) has recorded strong
economic performance for the year 2023, with Gross Domestic Product (GDP) at constant prices reaching AED
1.68 trillion, reflecting a robust 3.6 per cent increase from 2022. This growth reflects the UAE's continued
economic resilience and strategic advancements across key sectors.

His Excellency Abdulla bin Touq Al Marri, the UAE 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. 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 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."

Contribution of Non-oil Sectors to UAE National Economy

By the end of 2023, the contribution of non-oil sectors to the country's GDP reached 74.3 per cent, marking a
record-breaking growth of 2.5 per cent as compared to 2022. This milestone supports our developmental
objectives and fosters a diversified and sustainable national economy.

H.E. further highlighted the country's implementation of resilient and ambitious economic policies and
legislation to address global challenges. Furthermore, it has devised strategic plans that promote economic
diversification, support emerging sectors and advance the new economy, further strengthening the UAE's
economic position regionally and globally."

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