Non-oil financial actions recorded optimistic ends in the primary half of 2024, probably the most notable of that are:
- Transport and storage actions have emerged because the quickest rising non-oil financial sectors within the UAE’s GDP, attaining a progress charge of 8.4 per cent.
- The monetary actions and insurance coverage sector ranked second, attaining a progress charge of seven.6 per cent, and contributes 12.5 per cent to the UAE’s non-oil GDP.
- The development and constructing actions ranked third with a progress charge of seven.3 per cent, whereas the Information and Communication actions ranked fourth with a progress charge of 5.3 per cent.
His Excellency Abdulla bin Touq Al Marri, Minister of Economy, has asserted that the preliminary estimates of the UAE’s GDP within the first half of 2024, issued by the Federal Competitiveness and Statistics Centre, mirror outstanding economic growth and competitiveness, solidifying the nation’s place as a number one financial energy and a premier vacation spot for enterprise and funding.
Bin Touq defined that the worth of the UAE’s actual GDP (at fixed costs) reached AED 879.6 billion within the first half of 2024, recording a notable enhance of three.6 per cent. Meanwhile, the worth of the non-oil GDP throughout the identical interval was roughly AED 660 billion, with a progress of 4.4 per cent, in comparison with the identical interval final 12 months. With this, the contribution of non-oil sectors to the nation’s GDP has reached 75 per cent.
The estimates additionally indicated that the nominal GDP (at present costs) of the UAE throughout the first half of 2024 reached roughly AED 981 billion, registering a progress charge of 5.6 per cent. Meanwhile, the worth of non-oil GDP at present costs throughout the identical interval rose to about AED 749 billion, with a progress charge reaching 6.8 per cent, in comparison with the primary half of 2023.
Bin Touq stated: “The achievements highlight the visionary leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and strategic guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The UAE has successfully laid the foundation for a sustainable, diversified economy driven by innovation and knowledge, aligning with global trends while maintaining its position as a premier economic hub regionally and internationally. This progress paves the way for achieving the economic goals outlined in ‘We the UAE 2031’ vision, including raising the UAE’s GDP to AED 3 trillion within the next decade.”
The Minister of Economy acknowledged that the strong progress of non-oil sectors throughout the first half of 2024 displays the dynamic nature of the UAE’s financial system and its capability to grab rising alternatives throughout a number of fields.
Bin Touq famous robust efficiency in key sectors, together with transport, storage, finance, and development, fueled by initiatives to advertise entrepreneurship, commerce, and funding, in addition to main developmental initiatives launched earlier this 12 months. Tourism additionally recorded sustained progress, additional reinforcing the UAE’s standing as a worldwide tourism hub.
Additionally, the Minister underscored the significance of continued efforts and sector-wide integration to drive sustainable and inclusive financial progress.
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre (FCSC), stated, “The GDP figures for the first half of this year, published by the FCSC, reaffirm the UAE’s dedication to implementing its policy of economic openness as a consistent national strategy. By leveraging its capabilities, the UAE aims to strengthen its economic standing on both regional and global levels as one of the most dynamic and diversified economies, driven by forward-thinking strategies and sustainable diversification plans.”
Key Growth Sectors
According to the preliminary estimates launched by FCSC, transportation and storage actions led financial progress within the first half of 2024, with a powerful 8.4 per cent progress charge. Financial and insurance coverage actions ranked second with a progress charge of seven.6 per cent, adopted carefully by development actions at 7.3 per cent. Information and communication actions ranked fourth, attaining a progress charge of 5.3 per cent.
The eating places and motels sector secured the fifth spot, attaining 5.1 per cent progress within the first half of 2024, fueled by distinctive tourism exercise throughout the nation. Hotel revenues exceeded AED 24.6 billion throughout this era, registering a 7 per cent enhance, whereas the overall variety of lodge friends throughout the UAE’s seven emirates reached round 15.3 million, representing a ten.5 per cent progress.
Key Contributors to Non-Oil GDP
Trade actions emerged as the most important contributor to the UAE’s non-oil GDP, accounting for 16.5 per cent, adopted by manufacturing at 15 per cent. Financial and insurance coverage actions took third place with a 12.5 per cent contribution, whereas development accounted for 11.6 per cent. Real property actions ranked fifth, contributing 7.6 per cent.