By Staff Reporter
UAE’s Economy Grows by 3.4% in Q1 2024, Driven by Non-Oil Sector Expansion
The UAE’s economy displayed strong growth in the first quarter of 2024, with its real GDP reaching AED430 billion, marking a 3.4% increase compared to Q1 2023, according to the Federal Competitiveness and Statistics Centre (FCSC).
The non-oil sector experienced a robust 4% growth during the same period.
Abdulla bin Touq Al Marri, Minister of Economy, emphasized the resilience and vitality of the UAE’s economy, attributing the growth to innovative economic models and the leadership’s strategic vision. He highlighted that these achievements align with the UAE’s “We the UAE 2031” vision, which targets a GDP of AED3 trillion by the next decade.
Key non-oil sectors driving the growth include financial and insurance activities, which surged by 7.9%, primarily due to increased local credit to the private sector. Transportation and storage activities followed closely with a 7.3% rise, fueled by a 14.7% increase in air travelers, reaching 36.5 million passengers.
The construction and building sector recorded a 6.2% growth, supported by an increase in public capital expenditures. The restaurant and hotel industry also saw a 4.6% growth, reflecting the UAE’s prominence as a global tourism destination, particularly in Dubai and Abu Dhabi.
Trade activities were the largest contributor to the non-oil GDP at 16.1%, followed by manufacturing at 14.6%, and financial and insurance at 13.4%. The steady performance of the UAE’s ports and rising tourism further bolstered the nation’s economic growth in Q1 2024.
News Source: Emirates News Agency
