Abu Dhabi: The UAE's real gross domestic product (GDP) reached AED1,776 billion in 2024, marking a 4 percent increase compared to that of 2023.
According to Emirates News Agency, the non-oil GDP grew by 5 percent, totaling AED1,342 billion, while oil-related activities contributed AED434 billion to the overall economy.
Abdulla bin Touq Al Marri, Minister of Economy, emphasized that the latest GDP figures released by the Federal Competitiveness and Statistics Centre (FCSC) reflect renewed 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 leadership.
With non-oil sectors accounting for 75.5 percent of the UAE's GDP by the end of last year, Al Marri highlighted that these indicators reflect the sustained success of the nation's economic strategies. These strategies drive the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies.
Al Marri stated that under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and guidance from His Highness Sheikh Mohammed bin Rashid Al Maktoum, the UAE continues to strengthen its national efforts to achieve the objectives of 'We the UAE 2031' vision. With each milestone, the UAE is moving closer to achieving its target of raising GDP to AED3 trillion by the next decade, while reinforcing its position as a global hub for the new economy.
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 economic performance, supported by a vision focused on sustainable, non-oil-driven growth.
Hanan Ahli further stated that the guidance and vision of the UAE's leadership are focused on building an advanced and globally competitive economic model. Economic diversification is adopted as a strategic objective and core operational approach, driving sustainable development and enhancing societal well-being. This model serves as a catalyst for continued progress, ensuring sustained GDP growth and performance across a range of economic and development indicators.
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 driven by the 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 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, 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.