The drive towards a diversified economy took a new leap last year. A report just published from the UAE Ministry of Economy has revealed that non-oil sectors played a central role in the UAE’s economic growth during the first half of 2024, contributing 75% to the country’s GDP. The UAE’s real GDP at constant prices grew by 3.6% to a total of $239.5bn with the non-oil GDP component reaching $180bn.
Trade activities emerged as the largest contributor to non-oil GDP, accounting for 16.5%, followed by manufacturing at 15%, financial and insurance at 12.5%, with construction at 11.6% and real estate at 7.6%. Some of the fastest growing sectors were transportation and storage followed by finance, construction and tourism.
These figures highlight the UAE’s ongoing progress toward building a sustainable, diversified economy aligned with the ‘We the UAE 2031’ vision.
Gulf Economist Staff Writer