The national GDP of the United Arab Emirates rose by 3.8% during the first nine months of 2024, reaching 1.322 trillion dirhams. Compared to the analogous period of 2023, the nominal GDP excluding the oil sector grew by 4.5%, reaching 987 billion dirhams. For the contribution of oil activities to the total GDP, it accounted for 23.5%, while the contribution of non-oil activities was 76.5%.
The Minister of Economy Abdulla Bin Touq Al Merri emphasized that sustainable growth in the national economy indicates the success of economic strategies aimed at diversifying the economy, enhancing entrepreneurship, and stimulating the expansion of new economic sectors. He also noted that efforts aimed at increasing the contribution of oil industries to the national economy and developing more flexible and competitive economic legislation are essential for achieving the goals of the "We - Emirates 2031" strategy.
According to the Director of the Federal Competitiveness and Statistics Centre, Hanan Al-Ahli, data for the nine months of last year indicate a strong economic growth, reinforced by measures to expand the oil sector. The country's leadership focuses on economic diversification as an ongoing strategy necessary for achieving sustainable growth in various economic and developmental areas.
The sectors that developed most dynamically in GDP during the first nine months of last year included transportation and storage with a growth of 7.9%, construction by 7.4%, finance and insurance by 6.8%, as well as public sector by 5% and the restaurant and hospitality sector by 4.9%. In the context of oil activities, trade ranked first with a share of 16.5%, followed by manufacturing with 15.1% and financial-insurance deals with 12.1%. Following them were construction (11.7%) and real estate (7.6%).
Taking current prices into account, the overall nominal GDP for the first nine months of 2024 amounted to 1.4863 trillion dirhams, increasing by 6% compared to the analogous period of 2023. The nominal GDP in the non-oil sector reached 1.1366 trillion dirhams, increasing by 6.6%.
