The real GDP of the UAE has recorded a remarkable growth of 3.8 percent during the first nine months of 2024, compared to the same period in 2023, to reach 1.322 trillion dirhams driven by a strong growth in non -oil sectors that recorded a rise of 4.5 percent at a value of 987 billion dirhams, which reflects the success of the economic diversification strategy adopted by the state.
The contribution of non -oil activities to the real GDP reached 74.6 percent, confirming the increasing role of these sectors in supporting economic growth, while the contribution of oil activities reached 25.4 percent.
Abdullah bin Touq Al -Marri, UAE Minister of Economy, stressed that the continuous growth achieved by the local economy comes as an affirmation of the success of the economic policies and strategies adopted by the UAE and aimed at enhancing economic diversity, facilitating the practice of business and various activities, and stimulating the expansion of the new economy sectors as a pivotal driver to achieve sustainable economic and social development, where the UAE has been keen to build an innovative economic model based on better The global practices are able to adapt to global economic changes and challenges.
Real estate in the Emirates outperforms Europe
He continued: The national efforts are continuing to increase the contribution of non -oil sectors to the local economy, developing more flexible and competitive economic legislation, enhancing economic openness to the world, and building fruitful partnerships with prominent markets regionally and globally, in order to support the achievement of the “UAE 2031” vision targets, which aim to raise the gross domestic product of the state to reach 3 trillion dirhams By the next decade, and consolidating the state’s position as a global center for the new economy.
For its part, Hanan Mansour Al Ahly, director of the Federal Center for Competitiveness and Statistics, said that the data issued by the Federal Center for Competitiveness and Statistics showed that the growth of the local product of the UAE during the first nine months of last year reflects the strong economic performance of the UAE, and a clear future vision that focuses on promoting sustainable economic growth supported by non -oil sectors.
The most developed economic activities in GDP during the first nine months of last year, compared to the same period in 2023, were the transportation and storage activities that witnessed a growth of 7.9 percent, driven by the outstanding performance of the movement of passengers and trips at state airports, which recorded more than 103 million passengers with a growth rate of about 20 percent.
As for the construction and construction sector, it achieved a growth of 7.4 percent, as a result of the significant increase in investments in urban infrastructure projects, while financial activities and insurance activities grew by 6.8 percent, government activities by 5.0 percent, restaurants and hotels by 4.9 percent.
In the field of economic activities most contributing to the non -oil gross domestic product, the trade sector ranked first with a contribution rate of 16.5 percent, and the manufacturing sector came second in terms of the contribution rate by 15.1 percent, followed by financial financial activities and insurance activities by 12.1 percent, while the contribution of the construction and construction sector reached 11.7 percent, and real estate activities 7.6 Percent.
In a related context, the value of the nominal GDP, during the first nine months of 2024, reached 1.486 trillion dirhams, recording a growth of 6 percent, compared to the same period in 2023, while the value of the non -oil gross domestic product, at current prices, reached about 1.137 trillion dirhams, with a growth of 6.6 percent.
Non -oil activities in the nominal GDP contributed to 76.5 percent, while the contribution of oil activities reached 23.5 percent.
