Non-Oil Sectors Drive UAE GDP Growth to Dh1.68 Trillion in 2023

UAE, 31 May, 2024 : In 2023, the UAE's GDP reached Dh1.68 trillion at constant prices, marking a 3.6% increase from 2022, according to data from the Federal Competitiveness and Statistics Centre. The non-oil GDP grew by 6.2%, reaching Dh1.25 trillion.

The UAE ranked fifth globally in the Real Economic Growth Rate Index and sixth in GDP (PPP) per capita in the IMD World Competitiveness Yearbook 2023. Additionally, it secured the sixth position in the GNI Index in the UNDP Human Development Index Report 2024.

By the end of 2023, non-oil sectors contributed 74.3% to the UAE’s GDP, growing by 2.5% from 2022. Financial activities and insurance led the growth at 14.3%, followed by transport and storage activities at 11.5%, boosted by a surge in airport passengers and 31.5 million international visitors, a 25% increase from 2022.

Construction and building activities saw an 8.9% growth, the highest in a decade, while real estate grew by 5.9%. The residency and food services sector increased by 5.5%, with hotel guests rising to 28 million, an 11% year-on-year increase.

At current prices, the GDP was Dh1.88 trillion in 2023, a 2.3% growth. The non-oil GDP at current prices grew by 9.9% to Dh1.43 trillion, an increase of Dh128 billion from 2022.

Abdulla bin Touq Al Marri, Minister of Economy, highlighted these achievements as part of the 'We the UAE 2031' vision, aiming to elevate the country's GDP to Dh3 trillion in the next decade, focusing on economic diversity and innovation.

Source : www.khaleejtimes.com