Page 139 - 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
UAE's economic position regionally and globally."

Non-oil sectors: The Fastest Growing in UAE's GDP

Various economic sectors recorded substantial growth, including in financial

activities and insurance, which led the way with a growth of 14.3 per cent,

ranking first among the fastest-growing sectors in the UAE's GDP. Transport

and storage activities followed, achieving a GDP growth of 11.5 per cent, driven

by a significant increase in airport passengers. The total number of international

visitors reached approximately 31.5 million, marking a 25 per cent increase as

compared to 2022.

Similarly, construction and building activities witnessed an 8.9 per cent growth,

the highest in the past decade, while real estate activities achieved a growth rate

of 5.9 per cent. Residency and food services sector grew by 5.5 per cent,

reflecting the remarkable increase in international visitors in 2023. Hotel guests

totalled 28 million, an 11 per cent increase as compared to 2022.

At current prices, the GDP has reached AED 1.88 trillion in 2023, recording a

growth rate of 2.3 per cent. Non-oil GDP, also at current prices, amounted to

AED 1.43 trillion, achieving a growth rate of 9.9 per cent and an increase of

AED 128 billion as compared to 2022.

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