Page 215 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:43 PM UAE’s GDP grows by 3.6% in H1 2024 - Aletihad News Center
economic openness as a consistent national strategy. By leveraging its capabilities, the UAE aims to strengthen its
economic standing on both regional and global levels as one of the most dynamic and diversified economies, driven by

forward-thinking strategies and sustainable diversification plans."

According to the initial estimates released by FCSC, transportation and storage activities led economic growth in the
first half of 2024, with an impressive 8.4 percent growth rate.

Financial and insurance activities ranked second with a growth rate of 7.6 percent, followed closely by construction
activities at 7.3 percent.

Information and communication activities ranked fourth, achieving a growth rate of 5.3 percent.

The restaurants and hotels sector secured the fifth spot, achieving 5.1 percent growth in the first half of 2024, fuelled
by exceptional tourism activity across the country.

Hotel revenues exceeded Dh24.6 billion during this period, registering a seven percent increase, while the total
number of hotel guests across the UAE's seven emirates reached around 15.3 million, representing a 10.5 percent
growth.

Trade activities emerged as the largest contributor to the UAE's non-oil GDP, accounting for 16.5 percent, followed by

manufacturing at 15 percent.

Financial and insurance activities took third place with a 12.5 percent contribution, while construction accounted for

11.6 percent.

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