In 2023, the UAE's GDP reached Dh1.68 trillion at constant prices, indicating a 3.6 per cent increase from 2022, as per data released on Thursday by the Federal Competitiveness and Statistics Centre. Non-oil GDP stood at Dh1.25 trillion, reflecting a 6.2 per cent growth compared to 2022.

The UAE secured the fifth position globally in the Real Economic Growth Rate Index and sixth in GDP (PPP) per capita in the IMD World Competitiveness Yearbook 2023. Moreover, it ranked sixth in the GNI Index in the UNDP Human Development Index Report 2024.

By the end of 2023, non-oil sectors contributed 74.3 per cent to the country’s GDP, marking a 2.5 per cent growth from 2022. Notably, financial activities and insurance recorded substantial growth of 14.3 per cent, leading the way among the fastest-growing sectors. Transport and storage activities followed with an 11.5 per cent growth, fueled by a significant rise in airport passengers. The total number of international visitors reached approximately 31.5 million, signifying a 25 per cent increase from 2022.

Construction and building activities witnessed the highest growth in the past decade at 8.9 per cent, while real estate activities achieved a growth rate of 5.9 per cent. The residency and food services sector grew by 5.5 per cent, reflecting the notable increase in international visitors. The number of hotel guests totaled 28 million, marking an 11 per cent increase from 2022.

At current prices, the GDP reached Dh1.88 trillion in 2023, with a growth rate of 2.3 per cent. Non-oil GDP at current prices amounted to Dh1.43 trillion, growing at 9.9 per cent, representing an increase of Dh128 billion from 2022.

Abdulla bin Touq Al Marri, Minister of Economy, stated, “The accomplished indicators and notable outcomes underscore UAE’s progress in achieving the objectives outlined by the ‘We the UAE 2031’ vision, which aims to elevate the country’s GDP to Dh3 trillion within the next decade and foster a shift towards a new economic model centered around diversity and innovation.”