UAE's GDP Grew by an Estimated 3.4% in Q1 2024
The UAE’s economy expanded by an estimated 3.4% in the first quarter of 2024, compared to the same period in 2023, according to preliminary figures from the government, as reported by WAM on Monday, Sep 9. The country’s gross domestic product (GDP) reached 430 billion dirhams (approximately S$152.9 billion) in Q1, with the non-oil sector experiencing a 4% year-on-year increase, based on data from the Federal Competitiveness and Statistics Centre.
Key sectors driving this growth in non-oil GDP include trade, manufacturing, and financial and insurance services, according to the report.
As one of the world’s leading oil exporters, the UAE has been concentrating on diversifying its economy to reduce reliance on oil revenues, emerging as a prominent hub for tourism and commerce in the Gulf region. Earlier this year, the International Monetary Fund (IMF) noted that the country’s economic expansion was supported by robust activity in sectors like tourism, construction, and financial services. The IMF has projected a 4% GDP growth for the UAE in 2024, which surpasses its earlier forecast of 3.5% in its April Regional Economic Outlook report.
