1 week Ago
The real gross domestic product of the UAE recorded 3.4 per cent growth year-on-year to Dh430 billion in the first quarter 2024, underlining “the resilience and vitality” of the national economy. The non-oil sector recorded a more vibrant growth at 4.
0 per cent during the quarter compared to the same 2023 period in line with the economic objectives of “We the UAE 2031” vision, which includes raising the country’s GDP to Dh 3 trillion by the next decade. The non-oil sector growth was driven by financial and insurance activities, which registered the fastest growth rate of 7.9 per cent due to the increase in the local credit to the private sector, according to the preliminary estimates for the quarter issued by the Federal Competitiveness and Statistics Centre (FCSC).
Abdulla bin Touq Al Marri, Minister of Ecnonomy, said the impressive performance underlined “the resilience and vitality of the national economy and exemplified its ability to continue on the path of sustainable growth. They also reflect the UAE’s commitment to fostering economic diversification focused on knowledge economy sectors.” The FCSC data revealed that robust tourism inflows to the UAE led to a 4.
6 per cent growth in restaurant and hotel activities. The minister said the Arab world’s second-largest economy “adopted an innovative economic model that supports its future vision, along with effective national economic strategies” that enhanced openness to the world, promoting partnerships, and transitioning towards an economic model based on flexibility and innovation. “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 the directives of the wise leadership 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, said. She said the UAE’s advanced rankings in multiple global economic competitiveness indicators can be attributed to several factors, including the stability of the financial system, the strength of the national economy, and the effectiveness of economic legislation and policies applied in the country, besides their ability to adapt to changes and face regional and global challenges..
