UAE GDP to reach $482 billion in 2024, growing at 4%

UAE's GDP is $482 billion

 UAE GDP to reach $482 billion in 2024, growing at 4%

The UAE's real GDP reached AED 1.77 trillion (approximately $482 billion) in 2024, achieving a strong growth of 4% compared to 2023.

This outstanding performance is primarily driven by the robust growth of non-oil sectors, which achieved a 5% growth, bringing their GDP to AED 1.34 trillion, raising their contribution to 75.5% of the country's GDP. This reflects the continued success of economic diversification policies. Meanwhile, the value of oil sectors and activities reached AED 434 billion.

Among the fastest-growing economic activities during the past year compared to 2023, transportation and storage activities topped the list with a remarkable growth of 9.6%, driven by the outstanding performance of passenger traffic and flights at the country's airports, which recorded 147.8 million passengers, a growth rate of approximately 10%. The construction and building sectors achieved growth of 8.4 percent, driven by a significant increase in investments in urban infrastructure projects. Financial and insurance activities grew by 7 percent, restaurants and hotels by 5.7 percent, and real estate by 4.8 percent.

In terms of contribution to non-oil GDP, the trade sector led with 16.8 percent, followed by the manufacturing sector with 13.5 percent, and financial and insurance activities with 13.2 percent. The construction and building sector contributed 11.7 percent, and real estate activities 7.8 percent.

Abdullah bin Touq Al Marri, UAE Minister of Economy, said that these positive results confirm that the UAE, thanks to the vision and directives of its wise leadership, has made new strides in advancing competitiveness and economic diversification. He pointed out that these indicators reflect the success achieved in light of the economic policies adopted by the country to transition towards an innovative economic model based on knowledge and sustainability, keeping pace with modern trends and technology.

He added: "We continue to strengthen our national efforts to achieve the economic goals of the "We the UAE 2031" vision, which aims to raise the country's GDP to AED 3 trillion by the next decade and consolidate its position as a global hub for the new economy, ensuring sustainable development and the UAE's leadership and competitiveness in global indicators," according to the official Emirates News Agency.

Hanan Mansour Ahli, Director of the Federal Competitiveness and Statistics Center, confirmed that the UAE's 4 percent GDP growth last year reflects the country's distinguished economic performance, supported by a future-oriented vision focused on promoting sustainable growth driven by non-oil sectors.

 She said that the wise leadership's directives and future visions focus on establishing an advanced and globally leading economic model by adopting economic diversification as an approach and focus of action, a driver for sustainable development and achieving prosperity for society, and a driving force for achieving further accomplishments and ensuring sustainable growth in the GDP and various other economic and development indicators.