UAE GDP Reaches $117.16 Billion in Q1 2024, Showcasing Economic Resilience

UAE, 10 September, 2024 : The UAE's GDP hit AED 430 billion ($117.16 billion) in the first quarter of 2024, reflecting a 3.4% growth from the same period last year, according to preliminary estimates from the Federal Competitiveness and Statistics Centre (FCSC). The non-oil GDP grew by 4% over the same period.

Abdulla bin Touq Al Marri, Minister of Economy, attributed this growth to the UAE's innovative economic model and strategic national economic policies. He emphasized that these positive results support the "We the UAE 2031" vision, which aims to increase the country's GDP to AED 3 trillion by the next decade.

Hanan Ahli, Managing Director of FCSC, noted that the growth underscores the resilience of the UAE’s vital economic sectors. Financial and insurance activities led non-oil sector growth with a 7.9% increase, driven by a rise in local credit to the private sector. Transportation and storage grew by 7.3%, supported by increased airport traffic and port activity.

Construction and building activities saw a 6.2% growth, fueled by government development projects and increased public capital expenditures. The restaurant and hotel sector grew by 4.6%, with Dubai and Abu Dhabi attracting more international tourists.

Trade activities contributed the most to non-oil GDP at 16.1%, followed by manufacturing at 14.6%, and financial and insurance activities at 13.4%.

Source : www.zawya.com