Page 20 - MOE ENGLISH PR REPORT - JUNE 2024 (International)

Press Release

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

growth index globally

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.”

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