In 2023, the UAE’s GDP reached Dh1.68 trillion at constant prices, showing a 3.6 per cent increase from the previous year. The non-oil GDP also saw significant growth, reaching Dh1.25 trillion, a 6.2 per cent increase compared to 2022. The country’s economic performance has been recognized globally, with the UAE ranking fifth in the Real Economic Growth Rate Index and sixth in GDP (PPP) per capita in the IMD World Competitiveness Yearbook 2023. Additionally, the UAE placed sixth in the GNI Index in the UNDP Human Development Index Report 2024.
Non-oil sectors played a crucial role in driving GDP growth in the UAE, contributing 74.3 per cent to the country’s GDP by the end of 2023, a 2.5 per cent growth from 2022. Various sectors experienced substantial growth, including financial activities and insurance which grew by 14.3 per cent, making it the fastest-growing sector in the UAE’s GDP. Transport and storage activities also recorded significant growth of 11.5 per cent, fueled by an increase in airport passengers and international visitors, which reached approximately 31.5 million, marking a 25 per cent increase from the previous year.
Construction and building activities in the UAE witnessed an 8.9 per cent growth, the highest in the past decade, while real estate activities grew by 5.9 per cent. The residency and food services sector also saw a growth of 5.5 per cent, reflecting the increase in international visitors in 2023. The number of hotel guests totaled 28 million, an 11 per cent increase from 2022. At current prices, the UAE’s GDP reached Dh1.88 trillion in 2023, with a growth rate of 2.3 per cent, and the non-oil GDP at current prices amounted to Dh1.43 trillion, growing at 9.9 per cent compared to the previous year.
Abdulla bin Touq Al Marri, the Minister of Economy, highlighted the achievements and outcomes that demonstrate the UAE’s progress in achieving the objectives outlined in the ‘We the UAE 2031’ vision. The vision aims to elevate the country’s GDP to Dh3 trillion within the next decade and transition towards a new economic model focused on diversity and innovation. The UAE’s economic performance and growth in various sectors position the country as a competitive player on the global stage, attracting investors and fostering economic development. The government’s strategic initiatives have been instrumental in driving growth and implementing policies that support the country’s economic diversification efforts.
