UAE GDP Rises by 4 Percent as Non-Oil Sectors Drive Growth in 2024
The UAE's economy grew by 4 percent in 2024, with real GDP reaching AED1,776 billion, driven largely by robust performance across non-oil sectors, according to official data released by the Federal Competitiveness and Statistics Centre.
Non-oil GDP climbed 5 percent year-over-year to AED1,342 billion, making up 75.5 percent of the total economic output. Oil-related activities contributed AED434 billion, highlighting the country's continued push toward economic diversification.
Minister of Economy Abdulla bin Touq Al Marri said the figures reflect renewed momentum in the UAE's economic development and mark key progress toward the nation's 'We the UAE 2031' vision, which targets a GDP of AED3 trillion by the next decade. He credited the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum for steering the country toward a sustainable, knowledge-driven economy.
Hanan Mansour Ahli, Managing Director of the FCSC, noted the growth signals strong execution of a diversification strategy focused on long-term sustainability and global competitiveness.
Among the fastest-growing sectors in 2024, transport and storage led with a 9.6 percent growth, bolstered by a surge in air travel as UAE airports handled 147.8 million passengers—a 10 percent rise. The construction sector followed with an 8.4 percent increase, while financial services, hospitality, and real estate also posted solid gains.
Trade, manufacturing, and financial services were the top contributors to non-oil GDP, together accounting for over 43 percent of economic activity, underscoring the UAE's transformation into a multi-sector powerhouse.
News Source: Emirates News Agency
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