The UAE’s real GDP rose to AED1.77 trillion in 2024, growing by 4 per cent year-on-year, with non-oil sectors driving the momentum and making up 75.5 per cent of the total output, according to new figures released by the Federal Competitiveness and Statistics Centre (FCSC).
The non-oil economy alone expanded by 5 per cent to reach AED1.34 trillion, while oil-related activities contributed AED434 billion. The data signals a steady shift in the UAE’s economic makeup, with diversification efforts continuing to gain traction.
Minister of Economy Abdulla bin Touq Al Marri emphasized that the strong performance “reflects the sustained success of the nation’s economic strategies,” as the UAE pushes toward a knowledge-driven and sustainable growth model. “With each milestone, we are moving closer to achieving the UAE’s target of raising GDP to AED3 trillion by the next decade,” he said, underscoring the country’s ambition to position itself as a global economic hub.
Among all sectors, transport and storage posted the highest annual growth at 9.6 per cent, largely due to the outstanding performance of UAE airports. The construction sector followed with an 8.4 per cent jump, boosted by major infrastructure developments. Financial and insurance activities grew 7 per cent, while hospitality rose 5.7 per cent, and real estate saw a 4.8 per cent increase.
Trade emerged as the top non-oil contributor to GDP at 16.8 per cent, followed by manufacturing at 13.5 per cent, and financial and insurance services at 13.2 per cent. Construction contributed 11.7 per cent, while real estate activities made up 7.8 per cent of the non-oil economy.