In 2023, the GDP of the UAE amounted to Dh1.68 trillion at constant prices, indicating a 3.6 per cent increase from 2022, as per data released on Thursday. The country’s non-oil GDP reached Dh1.25 trillion, reflecting a 6.2 per cent growth compared to 2022, according to the Federal Competitiveness and Statistics Centre.

The UAE achieved 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, in the UNDP Human Development Index Report 2024, the UAE secured the sixth rank globally in the GNI Index.

By the conclusion of 2023, non-oil sectors contributed 74.3 per cent to the country’s GDP, signifying a 2.5 per cent growth from 2022. Various economic sectors, including financial activities and insurance, witnessed significant growth, with a 14.3 per cent increase, making it the fastest-growing sector in the UAE’s GDP. Transport and storage activities followed with an 11.5 per cent growth driven by a substantial rise in airport passengers. The total international visitors numbered approximately 31.5 million, marking a 25 per cent increase from 2022.

The construction and building activities experienced 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, showcasing the notable increase in international visitors in 2023. Hotel guests totaled 28 million, an 11 per cent increase compared to 2022.

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

Abdulla bin Touq Al Marri, Minister of Economy, emphasized that the achieved indicators and outcomes underscore the UAE’s progress in realizing the objectives outlined by the ‘We the UAE 2031’ vision, aimed at elevating the country’s GDP to Dh3 trillion within the next decade and fostering a new economic model centered around diversity and innovation.