The UAE’s GDP will grow by 3.6% during the first half of 2024

Abu Dhabi, December 29 / WAM / His Excellency Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the preliminary estimates of the UAE’s gross domestic product during the first half of the year 2024, issued by the Federal Center for Competitiveness and Statistics, indicate that the national economy will continue to achieve record levels of growth and competitiveness. This consolidates the country’s position as a leading economic power and an attractive destination for business and investment.

His Excellency explained that the value of the country’s real gross domestic product (at constant prices) amounted to 879.6 billion dirhams during the first half of the current year, recording a remarkable growth rate of 3.6%, while the value of non-oil gross domestic product during the same period amounted to about 660 billion dirhams, with a growth of 4.4%. %, compared to the same period last year, bringing the percentage of non-oil sectors’ contribution to the country’s gross domestic product to 75%.

Estimates also indicated that the value of the country’s nominal GDP “at current prices” during the first half of 2024 amounted to about 981 billion dirhams, recording a growth of 5.6%, while the value of the non-oil GDP at current prices increased during the same period to about 749 billion dirhams. , with a growth rate of 6.8%, compared to the first half of 2023.

Bin Touq said that the achieved results reflect the forward-looking vision adopted by the UAE under the leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. God, as it succeeded in laying the foundations of a sustainable and diversified economy based on innovation and knowledge, and keeping pace with global changes, while maintaining the country’s position as a leading economic destination at the regional and international levels, thus enhancing access to… The economic targets of the “We are the Emirates 2031” vision, including increasing the country’s gross domestic product to 3 trillion dirhams by the next decade.

He pointed out that the strong performance of the non-oil sectors during the first half of 2024 reflects the vitality of the national economy and its ability to invest in promising opportunities in various fields, pointing out that many strategic sectors, such as transportation, storage, financial activities, and construction, recorded remarkable growth rates thanks to stimulating activities. Entrepreneurship, trade and investment, in addition to the development projects that were launched at the beginning of the year, as well as tourism activities, which witnessed continuous growth leaps, which strengthened the position of the UAE as a global tourist destination, stressing the necessity of continuing work and integrating efforts. Between the various sectors in the country to achieve comprehensive and sustainable economic development.

For her part, Her Excellency Hanan Mansour Ahli, Director of the Federal Center for Competitiveness and Statistics, said that the GDP data for the first half of this year, issued by the Center, confirms the continuity of the UAE’s efforts in activating the policy of economic openness as a consistent national approach, and employing all capabilities towards consolidating its economic position. At the regional and global levels, as one of the most diversified and growing economies in the region, through adopting stimulating strategies and forward-looking economic plans based on sustainable economic diversification.

According to preliminary estimates issued by the Center, transportation and storage activities topped the list of the most growing economic activities during the first half of the year 2024, with a growth rate of 8.4%, followed in second place by financial and insurance activities, which recorded a growth of 7.6%, while construction activities came in second place. It ranked third, recording a growth of 7.3%, while information and communications activities came in fourth place, with a rate of 5.3%, and restaurant and hotel activities ranked fifth, recording a growth of 5.1% during the first six months of 2024, driven by unprecedented activity in tourism activities in the country; The revenues of hotel establishments in the country rose to more than 24.6 billion dirhams during the first half of the year 2024, achieving a growth of 7%, while the number of guests of hotel establishments in the seven emirates increased to reach about 15.3 million guests, with a growth rate of 10.5%.

Trade activities topped the list of activities with the highest contribution to the country’s non-oil GDP, at 16.5%, followed by manufacturing activities, which contributed 15%. Financial and insurance activities occupied third place, at 12.5%, while construction activities contributed 11.6%, followed by real estate activities. Which came in fifth place with 7.6%.

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