Page 138 - MOE ENGLISH PR REPORT - JUNE 2024 (International)

7/1/24, 5:09 PM UAE's GDP rises 3.6%, secures 5th largest economy position in real GDP growth index globally | User | bigspringherald.com
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

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