Minister of Economy Abdulla bin Touq Al Marri has said that the preliminary estimates of the UAE's GDP in the first half of 2024, issued by the Federal Competitiveness and Statistics Center, reflect remarkable economic growth and competitiveness, solidifying the country's position as a leading economic power for business and investment.
He explained that the value of the UAE's real GDP (at constant prices) reached AED879.6 billion in the first half of 2024, recording a notable increase of 3.6 percent. Meanwhile, the value of the non-oil GDP during the same period was approximately AED660 billion, with a growth of 4.4 percent, compared to the same period last year. With this, the contribution of non-oil sectors to the country's GDP has reached 75 percent.
The estimates also indicated that the UAE's nominal GDP (at current prices) during the first half of 2024 reached approximately AED981 billion, registering a growth rate of 5.6 percent. Meanwhile, the value of non-oil GDP at current prices during the same period rose to about AED749 billion, with a growth rate reaching 6.8 percent, compared to the first half of 2023.
"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,” Bin Touq said.
"This progress paves the way for achieving the economic goals outlined in 'We the UAE 2031' vision, including raising the UAE's GDP to AED3 trillion within the next decade."
