The UAEs GDP reached 430 billion dirhams

According to Amac News: In the announcement of the Federal Statistics and Competition Center, it is stated that this figure emphasizes the flexibility and vitality of the national economy and shows its ability to continue on the path of sustainable growth.
The Minister of Economy of the UAE said that the country's real GDP reached 430 billion dirhams in the first quarter of 2024, which has registered a significant growth of 3.4% compared to the same period of 2023, while the non-oil GDP compared to the same period of the year It has grown by 4% before.
He emphasized that the positive results of the national economy will strengthen the achievement of the economic goals of the "Ma Emirates 2031" vision, which includes increasing the country's gross domestic product to 3 trillion dirhams by the next decade.
Hanan Ahli, CEO of the Federal Center for Statistics and Competitiveness, said: "Data and financial and economic indicators confirming the growth of the UAE's GDP in the first quarter of 2024 show the resilience of the country's vital economic sectors.
According to data released by the Federal Center for Statistics and Competitiveness, financial and insurance activities have emerged as the leading non-oil economic sector contributing to the UAE's GDP growth, with a remarkable growth of 7.9 percent.
This growth can be attributed to the significant increase in local credits granted to the private sector, which led to a six percent growth and had a positive effect on the prosperity of non-oil economic activities.
After that, transportation and storage activities are in second place with 7.3% growth. This growth is due to the significant increase in the number of passengers in the country's airports during the first quarter of this year and has reached 36.5 million passengers, which has grown by 14.7% compared to the same period last year.
UAE ports have shown exceptional performance during this period, Dubai International Ports have seen a 3.7% growth in the number of containers handled, while Abu Dhabi Ports have experienced a 36% increase in the volume of cargo handling on an annual basis.
In third place, construction and building activities experienced a growth rate of 6.2 percent, which is in line with several development projects launched by the UAE government in early 2024 to the first quarter of 2023.
The restaurant and hotel sector, with a growth of 4.6% in the first quarter of 2024 compared to the same period in 2023, has been ranked fourth.
In addition, the UAE has emerged at the forefront of the global tourism landscape and has attracted a significant number of tourists from around the world.
Dubai saw a significant influx of 5.18 million international tourists, representing an 11% increase over the same period in 2023.
Commercial activities had the largest share in non-oil GDP with 16.1%. Production activities are in the second place with 14.6% and financial and insurance activities are in the third place with a rate of 13.4%.
Building and construction activities account for 11.8 percent, followed by real estate activities with a share of 7.1 percent.

The UAE's GDP reached 430 billion dirhams