UAE Records 3.6% GDP Growth in H1 2024, Driven by Non-Oil Sectors

UAE, 30 December, 2024 : The UAE’s economy recorded robust growth in the first half of 2024, with GDP reaching AED879.6 billion at constant prices, a 3.6% increase, according to preliminary estimates by the Federal Competitiveness and Statistics Centre (FCSC). Non-oil GDP grew by 4.4%, contributing 75% to the overall economy, while nominal GDP rose by 5.6% to AED981 billion.

Abdulla bin Touq Al Marri, Minister of Economy, attributed the growth to the UAE’s visionary leadership and efforts to diversify the economy. Key sectors driving non-oil growth included transport and storage (8.4%), financial and insurance activities (7.6%), and construction (7.3%). Tourism also showed strong performance, with hotel revenues surpassing AED24.6 billion, a 7% rise, and 15.3 million guests, marking a 10.5% increase.

Trade activities contributed 16.5% to non-oil GDP, followed by manufacturing (15%), financial and insurance (12.5%), and construction (11.6%). The Minister emphasized the UAE’s progress toward its "We the UAE 2031" vision, which aims to boost GDP to AED3 trillion within the next decade.

Hanan Mansour Ahli, Managing Director of the FCSC, highlighted the UAE’s commitment to economic openness and sustainable diversification, reinforcing its position as a global economic hub.