The UAE’s economy demonstrated robust growth in the first quarter of 2024, according to preliminary estimates released by the Federal Competitiveness and Statistics Centre (FCSC).
The country’s real GDP reached AED430 billion, marking a 3.4 percent increase compared to the same period in 2023. Non-oil GDP grew by 4 percent year-on-year.
UAE economy shows strong growth in Q1 2024
“Under the guidance of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the country adopted an innovative economic model that supports its future vision, along with effective national economic strategies, enhancing openness to the world, promoting partnerships, and transitioning towards an economic model based on flexibility and innovation,” Abdulla bin Touq Al Marri, Minister of Economy, said.
Financial and insurance activities led the non-oil economic sectors with a 7.9 percent growth, followed by transportation and storage at 7.3 percent, and construction and building activities at 6.2 percent.
The growth in financial activities was attributed to a significant increase in local credit granted to the private sector.
Dubai tourism numbers up 11% in early 2024
The transportation sector benefited from a 14.7 percent rise in traveller numbers at UAE airports, reaching 36.5 million in the first three months of the year.
Dubai’s international ports saw a 3.7 percent increase in container handling, while Abu Dhabi’s ports experienced a 36 percent growth in cargo handling volume.
The restaurant and hotel sector grew by 4.6 percent, with Dubai welcoming 5.18 million international tourists, an 11 percent increase from the previous year.
“The financial and economic data and indicators endorsing the growth of the UAE’s GDP Q1 2024 reflect the resilience of the country’s vital economic sectors. It highlights the effectiveness of the concerted efforts to implement wise leadership’s directives to enhance sustainable economic diversification, reduce dependence on oil, promote investments, and attract capital and innovative and emerging projects to the country,” Hanan Ahli, Managing Director of the FCSC added.
Source: https://www.arabianbusiness.com/politics-economics/uae-announces-3-4-gdp-growth-in-q1-2024
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