UAE's GDP Rises 3.6%, Secures 5th Largest Economy Position In Real GDP Growth Index Globally

Economic

Summary:

The United Arab Emirates (UAE) has recorded strong economic performance for the year 2023, with Gross Domestic Product (GDP) at constant prices reaching AED 1.68 trillion.

His Excellency Abdulla bin Touq Al Marri, the UAE Minister of Economy, said: "Preliminary data for the UAE's 2023 GDP showcases positive growth trends across various indicators, including key sectors crucial to the national economy. In 2023, the GDP stood at AED 1.68 trillion at constant prices, marking a 3.6 per cent increase from 2022. Furthermore, the non-oil GDP reached AED 1.25 trillion, reflecting a 6.2 per cent growth compared to 2022. These figures solidify the UAE's position as the fifth-largest economy globally in terms of real GDP growth index. Moreover, the UAE ranks among the top 10 economies globally across various competitiveness indicators tied to GDP."

H.E. added: "The accomplished indicators and notable outcomes underscore UAE's progress in achieving the objectives outlined by the 'We the UAE 2031' vision, which aims to elevate the country's GDP to AED 3 trillion within the next decade and foster a shift towards a new economic model centered around diversity and innovation."

Contribution of Non-oil Sectors to UAE National Economy

By the end of 2023, the contribution of non-oil sectors to the country's GDP reached 74.3 per cent, marking a record-breaking growth of 2.5 per cent as compared to 2022. This milestone supports our developmental objectives and fosters a diversified and sustainable national economy.

H.E. further highlighted the country's implementation of resilient and ambitious economic policies and legislation to address global challenges. Furthermore, it has devised strategic plans that promote economic diversification, support emerging sectors and advance the new economy, further strengthening the UAE's economic position regionally and globally."

Non-oil sectors: The Fastest Growing in UAE's GDP

Various economic sectors recorded substantial growth, including in financial activities and insurance, which led the way with a growth of 14.3 per cent, ranking first among the fastest-growing sectors in the UAE's GDP. Transport and storage activities followed, achieving a GDP growth of 11.5 per cent, driven by a significant increase in airport passengers. The total number of international visitors reached approximately 31.5 million, marking a 25 per cent increase as compared to 2022.

Similarly, construction and building activities witnessed an 8.9 per cent growth, the highest in the past decade, while real estate activities achieved a growth rate of 5.9 per cent. Residency and food services sector grew by 5.5 per cent, reflecting the remarkable increase in international visitors in 2023. Hotel guests totalled 28 million, an 11 per cent increase as compared to 2022.

At current prices, the GDP has reached AED 1.88 trillion in 2023, recording a growth rate of 2.3 per cent. Non-oil GDP, also at current prices, amounted to AED 1.43 trillion, achieving a growth rate of 9.9 per cent and an increase of AED 128 billion as compared to 2022.

Source:24-7 pressrelease

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