Page 217 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:43 PM UAE’s real GDP grows by 3.6% in first half of 2024 – The Gulf Time Newspaper
for the first half of this year, published by the FCSC, reaffirm the UAE’s dedication to implementing its policy of 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 AED24.6 billion
during this period, registering a 7 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. Real estate activities ranked fifth, contributing 7.6 percent.

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