UAE sees 3.8% GDP growth in first 9 months of 2024
RIYADH: The UAE witnessed a 3.8 percent annual expansion in its gross domestic product in the first nine months of 2024, driven by the growth of the Emirates' non-oil sector.
Also during this period, the UAE's non-oil economy grew by 4.5 percent year on year to 987 billion dirhams ($268.74 billion), the state news agency WAM reported.
The report added that the contribution of non-oil activities to UAE's real GDP reached 74.6 percent by the end of the first nine months of 2024, while oil-related activities contributed 25.4 percent.
The growth of the non-oil sector in the UAE aligns with the broader trend in the Middle East region, where countries such as Saudi Arabia are pursuing economic diversification programs.
Abdullah bin Touq Al Marri, UAE's minister of economy, said that the continuous growth of the country's economy reaffirms the success of the Emirates' economic policies and strategies to enhance diversification.
He added that the country also facilitates a friendly environment for business activities and promotes the expansion of new economic sectors as a key driver for sustainable economic and social development.
An analysis by the Central Bank of UAE in December said that the country's GDP is expected to post a growth of 4 percent in 2024, driven by strong performance across key non-oil sectors, including tourism, transportation, and financial services, as well as insurance, construction, real estate, and communications.
CBUAE added that the Emirates' economic growth is projected to accelerate further to 4.5 percent in 2025 and 5.5 percent in 2026.
The apex financial institution further said that the UAE's non-oil GDP is projected to expand by 4.9 percent in 2024 and 5 percent in 2025.
The study attributed this projected boost to strategic government policies aimed at attracting foreign investment and promoting economic diversification.
In terms of the economic growth in the region, data released by Bahrain's Information & eGovernment Authority in January revealed that the country's GDP witnessed an increased rate of 2.1 percent in the third quarter of 2024 compared to the same period in 2023.
In December, Qatar's National Planning Center revealed that the country's GDP rose by 2 percent in the third quarter of 2024 compared to the same period in the previous year.
Earlier this month, the Saudi Arabia's General Authority for Statistics revealed that the nation's non-oil exports increased by 17.3 percent in the fourth quarter 2024 to reach SR82.05 billion ($21.88 billion).
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