Page 221 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:44 PM UAE's real GDP grows 3.6 percent to $239.5 billion in H1 2024
UAE’s real GDP grows 3.6 percent to $239.5 billion in H1 2024
The contribution of non-oil sectors to the country's GDP reached 75 percent

Trade activities emerged as the largest contributor to the UAE's non-oil GDP, accounting for 16.5 percent
Published: Mon 30 Dec 2024, 2:33 PM Last updated: Mon 30 Dec 2024, 3:04 PM
The UAE’s real gross domestic product (GDP) at constant prices reached AED879.6 billion
($239.48 billion) in the first half of 2024, recording a notable increase of 3.6 percent. Preliminary
estimates by the Federal Competitiveness and Statistics Center (FCSC) also revealed that the value
of the UAE’s non-oil GDP during the same period grew 4.4 percent annually to AED660 billion.
With that, the contribution of non-oil sectors to the country’s GDP reached 75 percent.
Commenting on the figures, Abdulla bin Touq Al Marri, Minister of Economy, said that the
estimates reflect remarkable economic growth and competitiveness, solidifying the country’s
position as a leading economic power for business and investment.

Nominal GDP grows to AED981 billion
The estimates also revealed that the UAE’s nominal GDP at current prices during the first half of
2024 reached approximately AED981 billion, registering a growth rate of 5.6 percent. Meanwhile,
the value of the non-oil GDP at current prices during the same period rose 6.8 percent to around
AED749 billion.
“The UAE has successfully laid the foundation for a sustainable, diversified economy driven by
innovation and knowledge, aligning with global trends while maintaining its position as a premier
economic hub regionally and internationally. This progress paves the way for achieving the
economic goals outlined in the ‘We the UAE 2031’ vision, including raising the UAE’s GDP to
AED3 trillion within the next decade,” stated Bin Touq.

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