UAE GDP hits $483.6 billion in 2024, marking 4 percent growth

Economy ME

12 hours ago

The UAE's real gross domestic product (GDP) reached AED1,776 billion in 2024, marking a 4 percent increase compared to 2023. Non-oil GDP expanded by 5 percent, totaling AED1,342 billion, while oil-related activities contributed AED434 billion to the overall economy.
H.E. Abdulla bin Touq Al Marri, UAE minister of Economy, emphasized that the latest GDP figures released by
the Federal Competitiveness and Statistics Centre (FCSC)
reflect a renewed and positive momentum in the national economy. They further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its wise leadership. With non-oil sectors accounting for 75.5 percent of the UAE's GDP by the end of last year, H.E. emphasized that these indicators reflect the sustained success of the nation's economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies.
Advancing economic diversification
H.E. said: 'Under the leadership of H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and guidance from H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, we continue to strengthen our national efforts to achieve the objectives of 'We the UAE 2031' vision. With each milestone, we are moving closer to achieving the UAE's target of raising GDP to AED3 trillion by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership.'
Hanan Mansour Ahli, managing director of the Federal Competitiveness and Statistics Centre, highlighted that the 4 percent GDP growth in 2024 reflects the UAE's exceptional economic performance, supported by a forward-looking vision focused on sustainable, non-oil-driven growth.
Hanan Ahli further stated that the guidance and forward-looking vision of the UAE's wise leadership are focused on building an advanced and globally competitive economic model. Economic diversification is adopted not only as a strategic objective but also as a core operational approach, driving sustainable development and enhancing societal well-being. This model serves as a powerful catalyst for continued progress, ensuring sustained GDP growth and positive performance across a wide range of economic and development indicators.
Read more: CBUAE projects UAE GDP growth of 4.7 percent in 2025, 5.7 percent in 2026
Key growth sectors
The transport and storage sector emerged as the fastest-growing contributor to GDP in 2024, recording a 9.6 percent year-over-year growth. This growth was primarily driven by the exceptional performance of UAE airports, which handled 147.8 million passengers—an increase of approximately 10 percent.
The building and construction sector followed with an 8.4 percent growth rate, supported by substantial investments in urban infrastructure. Financial and insurance activities expanded by 7 percent, while the hospitality sector, encompassing hotels and restaurants, rose by 5.7 percent. Meanwhile, the real estate sector recorded a 4.8 percent growth.
Regarding non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 percent, the manufacturing sector accounted for 13.5 percent, and financial and insurance activities contributed 13.2 percent. Construction and building contributed 11.7 percent, while real estate activities accounted for 7.8 percent of the non-oil GDP.