Non-oil sectors are now good for 75.5 percent of the national economy
The real gross domestic product (GDP) of the VAE (GDP) rear 1,776 billion in 2024, marking up to 4 percent increase compared to that of 2023. Non-oil BBP grew by 5 percent, in total AED 1.342 billion, while oil was related to activities.
I have Abdulla bin Touq to Marri, Minister of Economy, that the latest GDP figures release from the Federal Competitiveness and Statistics Center (FCSC) reflect a renewed and positive momentum in the national economy. They further underline the new milestones that are reached by the VAE in economic diversification and competitiveness, led by the vision and guidelines of its wise leadership. Met niet-olie-sectoren die tegen het einde van vorig jaar goed zijn voor 75,5 procent van het BBP van de VAE, heb ik benadrukt dat ook indicatoren de verstrekte succes van de economische strategieën van de natie weerspiegelen, die de overgang naar een innovatieve, kennisgebaseerde en substabiel economisch model hebben dat wordt afgeleid met wereldwijde trends en opkomende technologieën.
He said: “Under the leadership of HH Sheikh Mohamed bin Zayed Al Nahyan, President of the Vae, and guidance of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice -President, Prime Minister of the UAE, and ruler of Dubai, continue to strengthen our nation of the UAEE.
Hanan Mansour Ahli, director of the federal competitive capacity and Statistics Center Mightled that reflects the growth of 4 percent GDP in 2024 De VAE, except for the exceptional economic performance, supported by a transmitted vision aimed at sustainable, non -oil -Oil -Driver drivven.
Hanan Ahli further stated that the guidance and future -oriented vision in the wise leadership of the VAE are aimed at building an advanced and competitive economic model worldwide. Economic diversification is not only assumed as a strategic goal, but also as a core operational approach, sustainable stimulation development and the improvement of social well -being. This model serves as a powerful catalyst for continuous progress, which provides sustainable GDP growth and positive performance over a wide range of economic and development indicators.
Best performing economic sectors
The transport and storage came up the sector as the fastest growing that contributes to GDP in 2024, with a growth of 9.6 percent year-over-IR. This growth was mainly powered by the exceptional performance of the VAE airports, which treated 147.8 million passengers – an increase of around 10 percent.
The construction and construction sector followed with a growth of 8.4 percent, supported by substantial investments in urban infrastructure. Financial and insurance activities were expanded by 7 percent, while the hospitality sector, which includes hotels and restaurants, increased by 5.7 percent. In the meantime, the real estate sector reminded a growth of 4.8 percent.
With regard to non-oil-economic activities that have contributed the most to GDP, the trade sector contributes 16.8 percent, the production sector accounted for 13.5 percent and financial and insurance activities contribute 13.2 percent. Construction and building contribute 11.7 percent, while real estate activities were accouted for 7.8 percent of non-oil BBP.
