UAE GDP 2024: $484bn & Non-Oil Growth Surge
Explore the remarkable 2024 economic performance of the United arab Emirates, as the UAE economy surged, achieving a 4% GDP growth, reaching $483.5 billion. The non-oil sector significantly fueled expansion, contributing 75.5% to the UAE economy, highlighting successful economic diversification.Discover how sectors like transport and storage, building, construction, and finance propelled growth. Abdulla bin Touq Al Marri emphasized efforts to raise GDP to $817 billion by the next decade.News Directory 3 delivers extensive coverage of key economic data. With strategic diversification and innovation at its core, the UAE aims to further boost its GDP. Discover what’s next …
UAE Economy Shows Strong Growth, Diversification in 2024
Updated June 15, 2025
The united Arab Emirates’ UAE economy continues to expand, with the real gross domestic product reaching AED1.776 trillion ($483.5 billion) in 2024. This represents a 4% increase compared to the previous year, according to data from the Federal Competitiveness and Statistics Center.
A significant driver of this growth was the non-oil sector, which surged by 5% to AED1.342 trillion ($365.3 billion). Oil-related activities contributed AED434 billion ($118.2 billion) to the total GDP growth.
Non-oil activities now account for 75.5% of the UAE’s total GDP, highlighting the nation’s increasing economic diversification and resilience.
Abdulla bin Touq Al Marri, Minister of Economy, said the UAE is strengthening efforts to achieve the ”We the UAE 2031″ vision. He added that the country is moving closer to raising GDP to AED3 trillion ($817 billion) by the next decade, while reinforcing its position as a global hub for the new economy.
The transport and storage sector experienced the most substantial annual growth, expanding by 9.6%.This was largely due to increased aviation activity, with UAE airports handling over 147.8 million passengers in 2024, a 10% year-on-year increase.
The building and construction sector followed with an 8.4% increase,reflecting ongoing investments in urban progress and infrastructure. Financial and insurance activities rose by 7%, while the hospitality sector, including hotels and restaurants, grew by 5.7%. The real estate sector also saw solid performance, with a 4.8% expansion.
key contributors to the non-oil economy in 2024 included:
- Trade: 16.8% of non-oil GDP
- Manufacturing: 13.5%
- Financial and insurance: 13.2%
- construction and building: 11.7%
- Real estate: 7.8%
Hanan Mansour Ahli, managing Director of the Federal Competitiveness and Statistics Centre, said the 4% GDP growth reflects the UAE’s extraordinary economic performance, supported by a forward-looking vision focused on sustainable, non-oil-driven growth.
Ahli added that the UAE’s leadership is focused on building an advanced and globally competitive economic model. Economic diversification is a strategic objective and a core operational approach, driving sustainable development and enhancing societal well-being.
What’s next
The UAE aims to continue its path of economic diversification,focusing on sustainable development and innovation to further boost its GDP growth and strengthen its position in the global economy.