Page 82 - MOE ENGLISH PR REPORT - JUNE 2024 (International)

7/1/24, 5:03 PM UAE's GDP rises 3.6%, secures 5th largest economy position in real GDP growth index globally | Financial News | myMotherLode.com
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

https://money.mymotherlode.com/clarkebroadcasting.mymotherlode/article/247pressrelease-2024-6-4-uaes-gdp-rises-36-secures-5th-largest-economy… 2/4