UAE's GDP grows by 4% in 2024 to AED 1.77 trillion
Figures released by the Federal Competitiveness and Statistics Centre (FCSC) show that non-oil GDP grew by 5 per cent, totalling AED1,342 billion, while oil-related activities contributed AED434 billion.
UAE's Minister of Economy, Abdulla bin Touq Al Marri, highlighted that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based and sustainable economic model aligned with global trends and emerging technologies.
"With each milestone, we are moving closer to achieving the UAE's target of raising GDP to AED3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness and forward-looking leadership," he added.
The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 per cent year-over-year growth, with UAE airports' exceptional performance contributing to it.
The building and construction sector followed with an 8.4 per cent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 per cent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 per cent. Meanwhile, the real estate sector recorded a 4.8 per cent growth.
With regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 per cent, the manufacturing sector accounted for 13.5 per cent, and financial and insurance activities contributed 13.2 per cent. Construction and building contributed 11.7 per cent, while real estate activities accounted for 7.8 per cent of the non-oil GDP.
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