The United Arab Emirates’ real gross domestic product (GDP) reached AED1,776 billion in 2024, reflecting a year-on-year growth rate of 4 percent, according to figures released by the Federal Competitiveness and Statistics Centre. This expansion underscores the continued momentum in the country’s national economy, supported by the government’s strategic focus on diversification and sustainability. Non-oil GDP accounted for the majority of this growth, increasing by 5 percent to reach AED1,342 billion. Oil-related economic activities contributed AED434 billion, equivalent to 24.5 percent of the total GDP.
The data highlight the UAE’s ongoing transition toward a diversified economic model, with non-oil sectors representing 75.5 percent of total GDP by year-end. Minister of Economy, Abdulla bin Touq Al Marri stated that the latest economic indicators reflect progress toward national economic goals under the country’s long-term development strategy. He noted that the UAE’s leadership continues to prioritize innovation, competitiveness, and sustainable growth in line with the objectives of the “We the UAE 2031” vision. The country aims to raise GDP to AED3 trillion over the next decade while enhancing its global economic standing.
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, emphasized that the 4 percent GDP growth in 2024 was indicative of the UAE’s resilient and adaptive economy. She noted that economic diversification is not only a strategic goal but also a consistent practice embedded in national policy, helping to ensure sustained development across various sectors. Among the highest-performing sectors, the transport and storage industry recorded the fastest growth at 9.6 percent.
This was largely driven by a significant rise in air traffic, with UAE airports serving 147.8 million passengers in 2024, an increase of approximately 10 percent over the previous year. The building and construction sector also performed strongly, expanding by 8.4 percent due to continued infrastructure investment. Financial and insurance services posted a growth rate of 7 percent, while the hospitality sector, which includes hotels and restaurants, increased by 5.7 percent.
The real estate sector saw a 4.8 percent rise, further contributing to the expansion of the non-oil economy. In terms of non-oil sector contributions to GDP, the trade sector led with a 16.8 percent share, followed by manufacturing at 13.5 percent and financial and insurance activities at 13.2 percent. The construction sector accounted for 11.7 percent, while real estate activities made up 7.8 percent. These figures collectively underline the strength and diversity of the UAE’s economic base, as it continues to implement its long-term strategic vision. – By MENA Newswire News Desk.
