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UAE’s real GDP increased 3.6% y-o-y to AED 879.6 bn in 1H 2024, Economy Minister Abdullah Bin Touq Al Marri said, citing preliminary data from the Federal Competitiveness and Statistics Centre.
Top growing sectors: Transport and warehousing saw the highest growth during the period at 8.4%, followed by financial and ins. Services (7.6%), construction (7.3%), information and communication technology (5.3%).
Non-oil sector dominates: Non-oil GDP rose 4.4% y-o-y to AED 660 bn during the same period, amounting to a 75% share of total GDP, Al Marri said. Trade was the highest contributing sector to UAE’s non-oil economy, with a share of 16.5%. Manufacturing (15%), financial and ins. services (12.5%), construction (11.6%), and real estate (7.6%) were also among the top contributors.
Close to 2024 projections: Initial estimates for 1H 2024 are somewhat in line with the International Monetary Fund’s most recent projections, which sees UAE’s overall GDP growing by a 4% clip in 2024.
Tourism is on the rise: The restaurants and hotels sector also rose 5.1% y-o-y, on the back of a 7% y-o-y increase in hotel revenues to AED 24.6 bn. Hotel guests also increased 10.5% y-o-y to 15.3 mn in 1H.
