Page 214 - MOE ENGLISH PR REPORT - JUNE 2024 (International)

7/1/24, 5:15 PM UAE's GDP rises 3.6%, secures 5th largest economy position in re -
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 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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