In 2023, UAE's GDP showed positive growth, reaching AED1.68 trillion (3.6% increase) with non-oil GDP at AED1.25 trillion (6.2% growth).
Minister of Economy, Abdullah bin Touq Al Marri, emphasized significant growth across key sectors, based on data from the Federal Competitiveness and Statistics Centre.
Abdullah bin Touq Al Marri, Minister of Economy, highlights the nation's solid economic growth, ranking fifth globally in real GDP. Non-oil sectors contributed 74.3% to GDP by 2023, supporting diversification goals. Resilient policies and strategic plans aim to elevate GDP to AED3 trillion by 2031, emphasizing innovation and diversity.
Hanan Mansoor Ahli, Executive Director of the Competitiveness Sector at the Federal Competitiveness and Statistics Authority, highlights UAE's GDP growth as a result of diverse economic sectors aligning with leadership directives. Emphasis is on economic diversification, investment attraction, and fostering innovation for sustained growth and promising future projections.
In 2023, the UAE saw significant growth across sectors, with financial activities leading at 14.3%, followed by transport at 11.5%. International visitors rose by 25% to 31.5 million. Construction surged 8.9%, real estate by 5.9%, and residency/food services by 5.5%. GDP reached AED1.88 trillion, with non-oil GDP hitting AED1.43 trillion, up 9.9% from 2022.
Along with the exceptional growth in GDP, the UAE has further fortified its position among the top 10 countries in the world in various GDP-related global competitiveness indicators. The country ranked fifth worldwide in the Real Economic Growth Rate Index and sixth in GDP (PPP) per capita in the IMD World Competitiveness Yearbook 2023. Additionally, the UAE achieved sixth place globally in the GNI Index, in the UNDP Human Development Index Report 2024.
News Source: Emirates News Agency
