Page 236 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:46 PM UAE Records 3.6% Growth in GDP in H1 2024, Driven by Non-Oil Sectors
The UAE's real GDP (at constant prices) reached AED879.6 billion, marking a 3.6 percent

year-on-year increase. Non-oil sectors contributed significantly, with a GDP value of

AED660 billion, reflecting 4.4 percent growth and comprising 75 percent of the overall

economy. At current prices, the UAE's nominal GDP stood at AED981 billion, growing 5.6

percent, while non-oil GDP rose by 6.8 percent to AED749 billion.

Transportation and storage led sectoral growth with an 8.4 percent increase, followed by

financial and insurance activities (7.6 percent) and construction (7.3 percent). Tourism also

thrived, with hotel revenues surpassing AED24.6 billion and a 10.5 percent rise in guest

numbers to 15.3 million.

Trade activities emerged as the largest contributor to non-oil GDP at 16.5 percent, followed

by manufacturing (15 percent) and financial services (12.5 percent). Bin Touq emphasized

that these achievements align with the UAE’s "We the UAE 2031" vision, which aims to
elevate the GDP to AED3 trillion by 2031.

Hanan Mansour Ahli, Managing Director of FCSC, reiterated the UAE's commitment to

economic openness and diversification. She stated that forward-thinking strategies have

solidified the UAE's status as a dynamic global economic hub.

With robust growth across multiple sectors, the UAE continues to position itself as a leader

in sustainable and inclusive economic development.

News Source: Emirates News Agency

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