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The economy grew 3.9% y-o-y to AED 449.6 bn in 2Q 2024, according to figures published by the Federal Competitiveness and Statistics Center (pdf). Non-oil GDP increased by 4.8% y-o-y to AED 336.6 bn in this quarter, contributing to 74.2% of the UAE economy.
The top drivers of growth in the non-oil sector: Transportation and storage activities led the charge, growing 9.3% y-o-y to AED 25 bn, contributing 5.6%. Construction followed with an 8.3% increase, reaching AED 38.3 bn, contributing 8.5%. Meanwhile, financial and ins. services grew 7.2%, hitting AED 39.4 bn and contributing 8.8%.
On a 1H basis, the country’s economy grew by 3.7% y-o-y to AED 880 bn, Al Khaleej reports. Non-oil GDP rose by 4.5% y-o-y to AED 660.3 bn during the same period.
REFRESHER- Abu Dhabi’s economy grew 4.1% to AED 297 bn in 2Q 2024, while Dubai’s GDP expanded by 3.3% y-o-y to AED 116 bn in the same quarter.
