UAE's GDP Growth Surges to 3.6%, Ranks 5th in Global Economy Index

UAE, 31 May, 2024 : Preliminary data for the UAE's 2023 GDP reveals a positive growth trajectory across key sectors, positioning the nation as the fifth-largest economy globally in terms of real GDP growth index. The Federal Competitiveness and Statistics Centre highlights significant indicators reflecting robust economic performance.

With the GDP reaching AED1.68 trillion at constant prices, a 3.6% increase from 2022, and non-oil GDP hitting AED1.25 trillion, showing a growth of 6.2%, the UAE continues to exhibit resilience and progress under the visionary leadership.

Abdullah bin Touq Al Marri, Minister of Economy, credits this achievement to President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum. The remarkable outcomes align with the 'We the UAE 2031' vision, targeting a GDP of AED3 trillion in the next decade.

Non-oil sectors contribute significantly, reaching 74.3% of the GDP by the end of 2023, marking a 2.5% increase from the previous year. The UAE's economic policies prioritize diversification, innovation, and resilience, driving growth and attracting investments.

Various sectors, including finance, transport, construction, and real estate, have witnessed substantial growth, with financial activities and insurance leading at 14.3%. Transport and storage activities follow closely, with an 11.5% growth attributed to increased airport passengers and international visitors reaching 31.5 million.

Construction and real estate sectors report growth rates of 8.9% and 5.9%, respectively, while the residency and food services sector saw a 5.5% increase due to a surge in international visitors, totaling 28 million hotel guests.

At current prices, the GDP stands at AED1.88 trillion, recording a 2.3% growth, with non-oil GDP at AED1.43 trillion, marking a 9.9% increase from 2022.

The UAE's exceptional economic performance is also reflected in its global competitiveness indicators, ranking fifth in the Real Economic Growth Rate Index and sixth in GDP (PPP) per capita, as per the IMD World Competitiveness Yearbook 2023. Additionally, the country secured sixth place in the GNI Index, as per the UNDP Human Development Index Report 2024.

Source : www.wam.ae