UAE GDP Rises 3.6% Reaching Fifth Globally in GDP Growth Rankings

The UAE's Minister of Economy, Abdullah bin Touq Al Marri, said that the UAE's GDP showed positive growth of 3.6%, reaching AED1.68 trillion with non-oil GDP at AED1.25 trillion (6.2% growth), ranking 5^th in the global GDP growth.

He emphasized significant growth across key sectors, based on data from the Federal Competitiveness and Statistics Centre.

Abdullah bin Touq Al Marri, Minister of Economy, addresses the country’s solid economic growth, ranking fifth globally in real GDP. Non-oil sectors contributed 74.3% to GDP by 2023, supporting diversification goals. Robust policies and strategic planning aim to push the GDP to AED 3 trillion by 2031, emphasizing innovation and diversity.

The Executive Director of the Competitiveness Sector at the Federal Competitiveness and Statistics Authority, Hanan Mansoor Ahli mentioned that UAE's GDP growth is the result of diverse economic sectors that are aligned with the leadership directions.

In 2023, the UAE saw significant growth in all sectors, with financial activities leading at 14.3%, followed by transport at 11.5%. International visitors increased by 25% to 31.5 million. Construction increased 8.9%, real estate by 5.9%, and residency/food services by 5.5%. GDP reached AED1.88 trillion, with non-oil GDP hitting AED1.43 trillion, up 9.9% from 2022.

The UAE has also emerged as one of the top 10 countries in strengthening its various other GDP related global indicators. This continuous surge and improvement in the UAE's economy is the testament of the country's commitment to be the leader in world's strongest economies and continue to be the best destination for foreign investment.

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