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7/1/24, 5:02 PM Tech Archives | Grit Daily News
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 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
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