The UAE posted strong economic momentum in the first half of 2024, with real GDP growing 3.6% year-on-year to AED 879.6 billion ($239.5 billion), according to preliminary data from the Federal Competitiveness and Statistics Centre (FCSC). The results underscore the country's deepening shift away from oil dependency and its progress toward the UAE 2031 vision.
Non-Oil Sectors Drive 75% of UAE GDP Growth
Non-oil GDP reached AED 660 billion ($180 billion) in H1 2024, expanding at a 4.4% growth rate compared to the same period in 2023. Non-oil sectors now account for 75% of total economic output, reflecting the sustained success of the UAE's diversification strategy.
At current prices, the UAE's nominal GDP climbed to AED 981 billion ($267 billion), a 5.6% increase. Non-oil GDP at current prices stood at AED 749 billion ($204 billion), recording a 6.8% rise compared to H1 2023.
Transport, Finance, and Construction Lead Sector Growth
Transportation and storage activities led all sectors with 8.4% growth — the strongest performance across the economy. Financial and insurance activities ranked second at 7.6%, while construction came third at 7.3%.
Information and communication activities grew 5.3%, and restaurants and hotels posted 5.1% growth, benefiting from the continued rise in tourism across the UAE.
Trade and Manufacturing as the Foundation of Non-Oil GDP
Trade activities remained the single largest contributor to non-oil GDP at 16.5%, followed by manufacturing at 15%. Financial services, construction, and real estate also made significant contributions to the diversified economic base.
UAE 2031 Vision: AED 3 Trillion GDP Target
The H1 2024 performance was credited to strategic planning aligned with the We the UAE 2031 vision, which aims to grow the country's GDP to AED 3 trillion ($817 billion) within the next decade.
Hanan Mansour Ahli, Managing Director of the FCSC, stated that economic liberalisation and diversification position the UAE as a proactive participant in the global economy. With years of sectoral diversification now delivering measurable results, the UAE is well-placed to sustain stable and inclusive economic growth going forward.
