Page 26 - MOE ENGLISH PR REPORT - JUNE 2024 (International)
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7/1/24, 4:59 PM UAE's GDP rises 3.6%, secures 5th largest economy position in real GDP growth index globally | Markets - Financial Advisors
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 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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