Page 83 - 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
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.

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