UAE’s Economy Grows 4% in 2024 to $483.6 Billion, Led by Non-Oil Sector
In 2024, the UAE economy grew by 4%, reaching a real GDP of $483.6 billion (AED 1.8 trillion). These figures were released on Sunday by the Federal Competitiveness and Statistics Centre (FCSC).
Non-Oil Sector Growth
Most of the UAE’s economic growth came from the non-oil sector, which grew by 5% and reached $365.4 billion (AED 1.342 trillion). This made up more than 75% of the country’s total GDP. In comparison, oil-related activities added $118.2 billion (AED 434 billion) to the economy.
Economy Minister Abdulla bin Touq Al Marri said these results show strong progress and highlight the UAE’s efforts to grow its economy beyond oil, according to the national news agency WAM.
The UAE plans to grow its total GDP to $816.9 billion (AED 3 trillion) in the next 10 years, focusing on sustainable development and new technology.
Hanan Mansour Ahli, head of the Federal Competitiveness and Statistics Centre (FCSC), said this strong growth proves that the UAE’s plans to diversify its economy are working.
In the non-oil sector, trade made up 16.8% of GDP, manufacturing 13.5%, finance and insurance 13.2%, construction 11.7%, and real estate 7.8%.
Earlier this month, a report from S&P Global showed that growth in the non-oil private sector slowed to its lowest level in four years due to global uncertainty and US tariffs, even though demand remained high.
Transport and Construction
The transport and storage sector grew the fastest last year, increasing by 9.6%. This was helped by a 10% rise in air travel, with 147.8 million passengers passing through the UAE’s airports.
The construction sector also grew by 8.4% due to more building and urban development. Financial and insurance services rose by 7%.
The hospitality and real estate sectors also performed well, growing by 5.7% and 4.8%, respectively.
Published: 17th June 2025
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