Page 31 - MOE ENGLISH PR REPORT - JUNE 2024 (International)

7/1/24, 5:01 PM UAE's GDP rises 3.6%, secures 5th largest economy position in re - Pittsburgh - WBYD-CD
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

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