According to Amac News: The Minister of Economy of the UAE explained that the value of the real GDP of the UAE (at constant prices) reached 879.6 billion dirhams in the first half of 2024, which shows an increase of 3.6 percent.
Also, the value of non-oil gross domestic product during this period reached about 660 billion dirhams and registered a growth of 4.4% compared to the same period last year. The share of non-oil sectors in the country's GDP reached 75%.
Estimates also showed that the UAE's nominal GDP (at current prices) reached about 981 billion dirhams in the first half of 2024, registering a growth rate of 5.6 percent. The value of non-oil GDP at current prices also reached 749 billion dirhams and experienced a growth of 6.8% compared to the first half of 2023.
The Minister of Economy emphasized the achievements of the UAE under the leadership of the President and the guidance of the Vice President and said that the UAE has achieved success in creating a sustainable and diversified economy based on innovation and knowledge.
He added that these developments will help to achieve the economic goals in the "We, UAE 2031" vision, which includes increasing the UAE's GDP to 3 trillion dirhams in the next decade.
Bin Touq also pointed to the strong growth of the non-oil sectors in the first half of 2024, saying that this shows the capacity of the UAE economy to take advantage of emerging opportunities in various fields.
Strong performance in key sectors, including transport, storage, finance and construction, is linked to promoting entrepreneurship, trade and investment. Also, the tourism industry has also experienced continuous growth, strengthening the UAE's position as a global tourism hub.
Hanan Mansour Ahli, CEO of the National Center for Competitiveness and Statistics, said that the published GDP figures show the UAE's commitment to implementing an open economic policy and a sustainable national strategy. Using its capabilities, the UAE seeks to strengthen its economic position at the regional and global levels.
According to preliminary estimates, transportation and storage activities have led economic growth in the first half of 2024 with a growth rate of 8.4 percent. Financial and insurance activities with 7.6% and construction with 7.3% are next. The restaurant and hotel industry has also benefited from extensive tourism activities with a 5.1% growth. During this period, the income of hotels reached more than 24.6 billion dirhams and the number of guests increased to about 15.3 million people.
Commercial activities are the largest contributor to the UAE's non-oil GDP, accounting for 16.5% of the total GDP.