UAE’s real GDP grows 3.8 percent in 9M 2024, non-oil sector's contributions hit 74.6 percent

The UAE Federal Competitiveness and Statistics Centre recently announced that the UAE's real gross domestic product (GDP) achieved significant growth in the first nine months of 2024, with an increase of 3.8%, totaling 1.322 trillion dirhams. The strong expansion of the non-oil sector was the main driver of this growth, with the sector growing by 4.5% to reach 987 billion dirhams, fully demonstrating the success of the UAE's economic diversification strategy.

The contribution of non-oil activities to real GDP reached 74.6%, highlighting the increasingly important role of these industries in supporting economic growth, while oil-related activities contributed 25.4%. Meanwhile, the UAE's nominal GDP reached 1.48 trillion dirhams during the same period, a year-on-year increase of 6%.

Calculated at current prices, the value of non-oil GDP was 1.136 trillion dirhams, with a growth rate of 6.6%. The contribution rate of non-oil activities to the UAE's nominal GDP was 76.5%, while the contribution rate of oil activities was 23.5%.

Commenting on the country's strong economic growth, the UAE Minister of Economy, Abdulla bin Touq Al Marri, emphasized that the continued growth of the national economy reaffirms the success of the UAE's economic policies and strategies aimed at strengthening economic diversification, facilitating business activities, and promoting the expansion of new economic sectors, which are key drivers of sustainable economic and social development.

Among the economic activities with the most significant GDP growth in the first nine months of 2024, transportation and storage activities stood out with a growth rate of 7.9%. The center attributed the growth of this sector to the strong performance of passenger traffic and flights at UAE airports, with passenger throughput exceeding 103 million, a growth rate of approximately 20%.

The construction and building industry achieved a growth of 7.4% in 2024, thanks to a significant increase in investment in urban infrastructure projects. At the same time, financial and insurance activities grew by 6.8%, government activities grew by 5.0%, and the catering and hospitality industry grew by 4.9%.

Bin Touq added that the country will continue its efforts to increase the contribution of the non-oil sector to the national economy, formulate more flexible and competitive economic regulations, strengthen economic openness to the world, and establish productive partnerships with major regional and global markets. These efforts support the goals of the "We the UAE 2031" vision, which aims to increase the UAE's GDP to 3 trillion dirhams by the next decade and build the UAE into a global center for the new economy.

Among the economic activities that contribute the most to the UAE's non-oil GDP, the trade sector ranks first with a contribution rate of 16.5%, followed by manufacturing with a contribution rate of 15.1%, and financial and insurance activities with a contribution rate of 12.1%. In addition, the construction industry contributed 11.7%, while real estate activities contributed 7.6%.

Her Excellency Hanan Mansour Ahli, Director of the Federal Competitiveness and Statistics Centre, stated: "The data released by the Federal Competitiveness and Statistics Centre shows that the growth of the UAE's GDP in the first nine months of last year reflects the country's strong economic performance and its clear vision for the future, which focuses on promoting sustainable economic growth supported by the non-oil sector. The UAE's wise leadership regards economic diversification as a firm approach and a focus of future trends, as well as a driver for achieving more achievements and ensuring sustainable economic growth."