Page 28 - MOE ENGLISH PR REPORT - JUNE 2024 (International)

7/1/24, 5:00 PM International Business Times - Business News, Financial news

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.

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