UAE GDP Reaches US$482.5 Billion Thanks to Non-Oil Sector Growth

The United Arab Emirates recorded a robust real Gross Domestic Product (GDP) of approximately US$482.5 billion in 2024, according to official data released by the UAE Federal Competitiveness and Statistics Centre, according to TV BRICS.

According to Emirates News Agency (WAM), a partner of TV BRICS, this economic performance was primarily driven by a 5 per cent expansion in the non-oil sectors, which generated about US$364.6 billion, representing 75.5 per cent of the total GDP. The oil-related sectors accounted for around US$118.3 billion.

Among the fastest-growing sectors in 2024, transport and storage led with a notable growth rate of 9.6 per cent, supported by a 10 per cent increase in passenger traffic, with airports handling 147.8 million travellers. The construction sector followed with an 8.4 per cent rise, reflecting substantial investments in urban infrastructure projects.

Financial and insurance activities grew by 7 per cent, hospitality and food services by 5.7 per cent, and real estate activities by 4.8 per cent.

Abdulla bin Touq Al Marri, UAE Minister of Economy, stated that the strong economic indicators highlight the progress achieved under the guidance of the UAE’s leadership. He affirmed that the nation's transition towards a knowledge-based, innovation-driven, and sustainable economy is well underway and aligned with global technological and economic trends.

He added that the UAE remains committed to achieving the goals set out in the “We the UAE 2031” vision, led by Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE. The national strategy aims to raise the country’s GDP to around US$817 billion by the next decade and establish the UAE as a global centre for the new economy.