Page 239 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:46 PM Latest News

>> Bin Touq: The non-oil GDP grew by 4.4 per cent in the first half of 2024, paving the way for achieving the
economic goals outlined in ‘We the UAE 2031’ vision.

• Non-oil economic activities recorded positive results in the first half of 2024, the most notable of which are:

o Transport and storage activities have emerged as the fastest growing non-oil economic sectors in the

UAE’s GDP, achieving a growth rate of 8.4 per cent.

o The financial activities and insurance sector ranked second, achieving a growth rate of 7.6 per cent, and

contributes 12.5 per cent to the UAE’s non-oil GDP.

o The construction and building activities ranked third with a growth rate of 7.3 per cent, while the Information
and Communication activities ranked fourth with a growth rate of 5.3 per cent.

Abu Dhabi, 30 December 2024: His Excellency Abdulla bin Touq Al Marri, Minister of Economy, has asserted

that the preliminary estimates of the UAE’s GDP in the first half of 2024, issued by the Federal
Competitiveness and Statistics Centre, reflect remarkable economic growth and competitiveness, solidifying
the country’s position as a leading economic power and a premier destination for business and investment.

Bin Touq explained that the value of the UAE’s real GDP (at constant prices) reached AED 879.6 billion in the

first half of 2024, recording a notable increase of 3.6 per cent. Meanwhile, the value of the non-oil GDP
during the same period was approximately AED 660 billion, with a growth of 4.4 per cent, compared to the
same period last year. With this, the contribution of non-oil sectors to the country’s GDP has reached 75 per

cent.

The estimates also indicated that the nominal GDP (at current prices) of the UAE during the first half of 2024
reached approximately AED 981 billion, registering a growth rate of 5.6 per cent. Meanwhile, the value of

non-oil GDP at current prices during the same period rose to about AED 749 billion, with a growth rate
reaching 6.8 per cent, compared to the first half of 2023.

Bin Touq said: “The achievements highlight the visionary leadership of His Highness Sheikh Mohamed bin
Zayed Al Nahyan, President of the UAE, and strategic guidance of His Highness Sheikh Mohammed bin

Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The UAE has
successfully laid the foundation for a sustainable, diversified economy driven by innovation and knowledge,

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