Page 29 - MOE ENGLISH PR REPORT - JUNE 2024 (International)

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