The UAE’s GDP grows by 3.6% during the first half of 2024

The Minister of Economy, Abdullah bin Touq Al Marri, confirmed that the preliminary estimates of the UAE’s gross domestic product during the first half of 2024, issued by the Federal Center for Competitiveness and Statistics, indicate that the national economy will continue to achieve record levels of growth and competitiveness, consolidating the country’s position as a leading economic power. An attractive destination for business and investment.

Bin Touq explained that the value of the real GDP (at constant prices) of the country amounted to 879.6 billion dirhams during the first half of this year, recording a remarkable growth rate of 3.6%, while the value of the non-oil GDP during the same period amounted to about 660 billion dirhams with growth. 4.4%, compared to the same period last year, bringing the percentage of non-oil sectors’ contribution to the country’s gross domestic product to 75%.

Estimates also indicated that the value of the nominal GDP (at current prices) of the country during the first half of 2024 amounted to about 981 billion dirhams, recording a growth of 5.6%, while the value of the non-oil GDP at current prices increased during the same period to about 749 billion dirhams. , with a growth rate of 6.8%, compared to the first half of 2023.

Bin Touq said: “The achieved results reflect the forward-looking vision adopted by the UAE under the leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, 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 protect him, as he succeeded in laying the foundations of a sustainable and diversified economy based on innovation and knowledge, and keeping pace with global changes, while maintaining the country’s position as a leading economic destination at the regional and international levels, thus enhancing access to the goals. “The economic vision of (We are the Emirates 2031), including increasing the country’s gross domestic product to three trillion dirhams by the next decade.”

Bin Touq pointed out that the strong performance of the non-oil sectors during the first half of 2024 reflects the vitality of the national economy and its ability to invest in promising opportunities in various fields, explaining that many strategic sectors, such as transportation, storage, financial activities, and construction, recorded remarkable growth rates thanks to the stimulus. Entrepreneurship, trade and investment activities, in addition to the development projects that were launched at the beginning of the year, as well as tourism activities, which witnessed continuous growth leaps, which strengthened the position of the UAE as a global tourist destination, stressing the necessity of continuing work and integrating efforts between Various sectors in the country to achieve comprehensive and sustainable economic development.

For her part, Director of the Federal Center for Competitiveness and Statistics, Hanan Mansour Ahli, said, “Gross domestic product data for the first half of this year, issued by the Federal Center for Competitiveness and Statistics, confirms the continuity of the UAE’s efforts to activate the policy of economic openness as a consistent national approach, and to employ all capabilities.” Towards consolidating its economic position at the regional and global levels, as one of the region’s most diversified and growing economies, by adopting stimulating strategies and existing forward-looking economic plans. On sustainable economic diversification.

According to preliminary estimates issued by the Federal Center for Competitiveness and Statistics, transportation and warehousing activities topped the list of the most growing economic activities during the first half of 2024, with a growth rate of 8.4%, followed in second place by financial and insurance activities, which recorded a growth of 7.6%. Construction and building ranked third, registering a growth of 7.3%, while information and communications activities came in fourth place, growing by 5.3%.

Restaurant and hotel activities also ranked fifth, registering a growth of 5.1% during the first six months of 2024, driven by unprecedented activity in tourism activities in the country, as revenues from hotel establishments in the country rose to more than 24.6 billion dirhams during the first half of 2024. achieving a growth of 7%, while the number of guests in hotel establishments in the seven emirates increased to reach about 15.3 million guests, with a growth rate of 10.5%.

Trade has the highest contribution to output

Trade activities topped the list of activities with the highest contribution to the country’s non-oil GDP, at 16.5%, followed by manufacturing activities, which contributed 15%. Financial and insurance activities ranked third, at 12.5%, while construction activities contributed 11.6%, followed by real estate activities. Which came in fifth place with 7.6%.