عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE's GDP Grew by 3.6% in First Half of 2024

The value of the UAE's real GDP in the first half of 2024 recorded a notable increase of 3.6 percent
The value of the UAE's real GDP in the first half of 2024 recorded a notable increase of 3.6 percent
TT
TT

UAE's GDP Grew by 3.6% in First Half of 2024

The value of the UAE's real GDP in the first half of 2024 recorded a notable increase of 3.6 percent
The value of the UAE's real GDP in the first half of 2024 recorded a notable increase of 3.6 percent

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."

Most Viewed

 
 
Business

US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
TT
TT

US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)

US applications for unemployment benefits fell to their lowest level in nearly a year last week, pointing to a still healthy labor market with historically low layoffs.

The Labor Department on Wednesday said that applications for jobless benefits fell to 201,000 for the week ending January 4, down from the previous week's 211,000. This week's figure is the lowest since February of last year.

The four-week average of claims, which evens out the week-to-week ups and downs, fell by 10,250 to 213,000.

The overall numbers receiving unemployment benefits for the week of December 28 rose to 1.87 million, an increase of 33,000 from the previous week, according to The AP.

The US job market has cooled from the red-hot stretch of 2021-2023 when the economy was rebounding from COVID-19 lockdowns.

Through November, employers added an average of 180,000 jobs a month in 2024, down from 251,000 in 2023, 377,000 in 2022 and a record 604,000 in 2021. Still, even the diminished job creation is solid and a sign of resilience in the face of high interest rates.

When the Labor Department releases hiring numbers for December on Friday, they’re expected to show that employers added 160,000 jobs last month.

On Tuesday, the government reported that US job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has loosened. Openings rose to 8.1 million in November, the most since February and up from 7.8 million in October,

The weekly jobless claims numbers are a proxy for layoffs, and those have remained below pre-pandemic levels. The unemployment rate is at a modest 4.2%, though that is up from a half century low 3.4% reached in 2023.

To fight inflation that hit four-decade highs two and a half years ago, the Federal Reserve raised its benchmark interest rates 11 times in 2022 and 2023. Inflation came down — from 9.1% in mid-2022 to 2.7% in November, allowing the Fed to start cutting rates. But progress on inflation has stalled in recent months, and year-over-year consumer price increases are stuck above the Fed’s 2% target.

In December, the Fed cut its benchmark interest rate for the third time in 2024, but the central bank’s policymakers signaled that they’re likely to be more cautious about future rate cuts. They projected just two in 2025, down from the four they had envisioned in September.