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Non-Oil industries Drive GDP Growth in the UAE

According to data released on Thursday, the United Arab Emirates’ GDP in 2023 increased by 3.6% from 2022 to Dh1.68 trillion at constant prices.

Based on data from the Federal Competitiveness and Statistics Centre, the GDP of the nation outside oil and gas sector was Dh1.25 trillion, up 6.2% from 2022.

In addition to GDP growth, the UAE was ranked sixth globally in GDP (PPP) per capita and fifth in the Real Economic Growth Rate Index in the IMD World Competitiveness Yearbook 2023. The UAE was also placed sixth in the world in the UNDP Human Development Index Report 2024’s GNI Index.

By the end of 2023, non-oil sectors’ share of the nation’s GDP had risen to 74.3%, an increase of 2.5% from the previous year.

Financial activities and insurance led the way with a growth of 14.3%, ranking first among the fastest-growing sectors in the UAE’s GDP last year. Several other economic sectors also saw significant growth. Following transportation and warehousing operations, the GDP grew by 11.5% as a result of a notable rise in airport traffic. Approximately 31.5 million foreign visitors came from other countries, a 25% increase from 2022.

Real estate activities grew at 5.9%, while construction and building activities grew by 8.9%, the most in the previous ten years. The 5.5% growth in the residency and food services sectors indicated the notable surge in foreign visitors in 2023. Visitors to hotels.

Also Read:

Oil update: US Stockpiles Data is Awaited, and Crude falls due to worries About Demand.

Acube Developments Unveil Dubai’s Dhs300 Million “Electra” Tower.

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