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UAE GDP hits $484bn in 2024 with strong non-oil growth as transport, construction and finance lead surge
The UAE's economy continues its upward trajectory, with real gross domestic product (GDP) reaching AED1.776tn ($483.5bn) in 2024.
It represents a 4 per cent year-on-year increase, according to official data released by the Federal Competitiveness and Statistics Centre (FCSC).
Notably, non-oil GDP surged by 5 per cent to AED1.342tn ($365.3bn), while oil-related activities contributed AED434bn ($118.2bn) to the total output.
This performance underscores the UAE's accelerating shift towards a diversified, sustainable, and innovation-led economy.
UAE GDP growth
Non-oil activities now represent 75.5 per cent of the UAE's total GDP—an indicator of the country's growing economic resilience and diversification.
Abdulla bin Touq Al Marri, Minister of Economy, said: '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 AED3tn ($817bn) 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.'
The transport and storage sector recorded the highest annual growth among all economic activities, expanding by 9.6 per cent. This was fuelled by a surge in aviation activity, with UAE airports processing over 147.8m passengers in 2024—an increase of approximately 10 per cent year-on-year.
The building and construction sector followed with a strong 8.4 per cent growth, reflecting the country's continued investment in urban development and infrastructure.
Financial and insurance activities rose by 7 per cent, while hotels and restaurants (the hospitality sector) grew by 5.7 per cent. The real estate sector also performed solidly, with a 4.8 per cent expansion.
Among the most impactful contributors to the non-oil economy in 2024:
Trade: 16.8 per cent of non-oil GDP
Manufacturing: 13.5 per cent
Financial and insurance: 13.2 per cent
Construction and building: 11.7 per cent
Real estate: 7.8 per cent
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, said the 4 per cent 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 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.
