The UAE's economy showcased remarkable growth in the first half of 2024, according to preliminary estimates released by the Federal Competitiveness and Statistics Centre (FCSC).
Abdulla bin Touq Al Marri, Minister of Economy, highlighted the country's sustained economic momentum, attributing it to visionary leadership and strategic initiatives fostering diversification and innovation.
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
