United Arab Emirates Economy Grows by 3.8% in First Nine Months of 2024
The United Arab Emirates (UAE) economy expanded by 3.8% in the first nine months of 2024, thanks to strong growth in non-oil sectors. Among them, the trade sector led the way, contributing 16.5% to the non-oil Gross Domestic Product (GDP).
Steady GDP Growth and Economic Diversification
According to preliminary estimates from the Federal Competitiveness and Statistics Centre, the UAE’s real GDP stood at AED 879.6 billion during this period, a 3.6% increase from the previous year. The non-oil GDP reached AED 660 billion, marking a 4.4% growth year-on-year. This steady rise highlights the UAE’s commitment to diversifying its economy beyond oil and gas.
Trade Sector’s Strong Contribution
The UAE continues to shine as a global trading hub, with the trade sector playing a vital role in economic growth. In the first half of 2024, non-oil foreign trade grew by 10.6% year-on-year, exceeding AED 1.3 trillion. Exports of gold and jewelry saw significant increases of 50% and 47%, respectively.
Key Non-Oil Sectors Driving Growth
Beyond trade, other non-oil industries also performed well. The manufacturing sector contributed 15% to the non-oil GDP, while financial and insurance services made up 12.5%. Meanwhile, the construction sector, boosted by major infrastructure and development projects, accounted for 11.6% of the non-oil economy.
Tourism Boosting Economic Expansion
The tourism industry played a key role in the UAE’s economic growth. The number of hotel guests increased by 10% in the first half of 2024. As a result, hotel revenues surged, benefiting restaurants, retail businesses, and other tourism-related industries.
Positive Economic Outlook of United Arab Emirates for 2024
The UAE Central Bank expects the economy to grow by 4% in 2024, driven by continued expansion in non-oil sectors. Strategic policies focusing on foreign investment and economic diversification will further strengthen growth.The UAE’s economic success in 2024 proves that diversification efforts are working. With trade, tourism, and other non-oil sectors thriving, the country is building a strong and sustainable future.
Also read:
Dubai’s ‘United in Giving’ Feeds Thousands During Ramadan
RAK Launches IPTs for 10-Year USD Benchmark Sukuk