3.8 % growth of the GDP of the Emirates during the first nine months of 2024
Dubai, March 5 / WAM / The real GDP of the UAE’s GDP recorded a remarkable growth of 3.8 % during the first nine months of 2024, compared to the same period in 2023, to reach 1,322 billion dirhams driven by strong growth in non -oil sectors that recorded a rise of 4.5 % 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%, confirming the increasing role of these sectors in supporting economic growth, while the contribution of oil activities reached 25.4%.
His Excellency Abdullah bin Touq Al -Marri, Minister of Economy, stressed that the continuous growth achieved by the national 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 engine to achieve sustainable economic and social development, as the state was keen to lead His Highness Sheikh Mohammed bin Zayed Al Nahyan The 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 “may God bless him”, to build an innovative economic model based on the best practices used globally, and is able to adapt to global economic changes and challenges. Ibn Touq said that the national efforts are continuing to increase the contribution of non -oil sectors to the national economy, developing more flexible and competitive economic legislation, enhancing economic openness to the world, and building fruitful partnerships with the prominent markets regionally and globally, in order to support the achievement of the “UAE 2031” vision targets, aimed at raising the gross domestic product of the state to reach 3 trillion dirhams by solutions by solutions Next decade, and consolidate the state’s position as a global center for the new economy.
His Excellency 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 state and a clear future vision that focuses on promoting sustainable economic growth supported by non -oil sectors.
She added that the rational leadership adopts economic diversification as a firm and axis of future trends, and a driving force to achieve more achievements and ensure the sustainability of growth in the gross domestic product and in various other economic and development indicators.
The most developed economic activities in GDP during the first nine months of last year, compared to the same period in 2023, were transportation and storage activities that witnessed 7.9%growth, 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%.
As for the construction and construction sector, it achieved a growth of 7.4%, as a result of the significant increase in investments in urban infrastructure projects, while financial activities and insurance activities grew by 6.8%, government activities by 5.0%, restaurants and hotels by 4.9%.
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%, and the manufacturing sector came second in terms of the contribution rate by 15.1%, followed by financial and insurance activities with a rate of 12.1%, while the construction and construction sector contributed 11.7%, and real estate activities 7.6%.
In a related context, during the first nine months of 2024, the value of the nominal GDP reached 1,486.3 billion dirhams, recording a growth of 6%, compared to the same period in 2023, while the value of the non -oil gross domestic product, at current prices, amounted to 1,136.6 billion dirhams with a growth rate of 6.6%.
Non -oil activities in the nominal GDP contributed to 76.5%, while the contribution of oil activities reached 23.5%.
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