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ABU DHABI: Abdullah bin Touq Al Marri, Minister of Economy, said that preliminary data for the UAE’s 2023 GDP showcases positive growth trends across various indicators, including key sectors crucial to the national economy, as outlined by the Federal Competitiveness and Statistics Centre.
In 2023, the GDP stood at AED1.68 trillion at constant prices, marking a 3.6 percent increase from 2022. Furthermore, the non-oil GDP reached AED1.25 trillion, reflecting a 6.2 percent growth compared to 2022.
He said, "These figures solidify the UAE’s position as the fifth-largest economy globally in terms of real GDP growth index. Moreover, the UAE ranks among the top 10 economies globally across various competitiveness indicators tied to GDP.”
He added, “The national economy continues to demonstrate remarkable performance under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. 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 AED3 trillion within the next decade and foster a shift towards a new economic model centred around diversity and innovation.”
Abdullah bin Touq said that by the end of 2023, the contribution of non-oil sectors to the country’s GDP reached 74.3 percent, marking a record-breaking growth of 2.5 percent as compared to 2022. This milestone supports our developmental objectives and fosters a diversified and sustainable national economy.
He further highlighted the country’s implementation of resilient and ambitious economic policies and legislation to address global challenges. Furthermore, it has devised strategic plans that promote economic diversification, support emerging sectors and advance the new economy, further strengthening the UAE’s economic position regionally and globally.
Hanan Mansoor Ahli, Executive Director of the Competitiveness Sector at the Federal Competitiveness and Statistics Authority, emphasised that the growth of the country’s GDP highlights the success of various economic sectors in implementing the wise leadership’s directives. These directives prioritise economic diversification, drive investments and attract capital, entrepreneurs, and innovative projects.
Hanan Ahli said, “Our national economy is steadily advancing toward achieving further growth and producing significant outcomes across various levels. Guided by forward-looking insights, the focus is on non-oil, new and emerging sectors. The UAE economy is projected to achieve promising growth rates in the coming years.”
In 2023, various economic sectors recorded substantial growth, including in financial activities and insurance, which led the way with a growth of 14.3 percent, ranking first among the fastest-growing sectors in the UAE’s GDP. Transport and storage activities followed, achieving a GDP growth of 11.5 percent, driven by a significant increase in airport passengers. The total number of international visitors reached approximately 31.5 million, marking a 25 percent increase as compared to 2022.
Similarly, construction and building activities witnessed an 8.9 percent growth, the highest in the past decade, while real estate activities achieved a growth rate of 5.9 percent. Residency and food services sector grew by 5.5 percent, reflecting the remarkable increase in international visitors in 2023. Hotel guests totalled 28 million, an 11 percent increase as compared to 2022.
At current prices, the GDP has reached AED1.88 trillion in 2023, recording a growth rate of 2.3 percent. Non-oil GDP, also at current prices, amounted to AED1.43 trillion, achieving a growth rate of 9.9 percent and an increase of AED 128 billion as compared to 2022.
Along with the exceptional growth in GDP, the UAE has further fortified its position among the top 10 countries in the world in various GDP-related global competitiveness indicators. The country ranked fifth worldwide in the Real Economic Growth Rate Index and sixth in GDP (PPP) per capita in the IMD World Competitiveness Yearbook 2023. Additionally, the UAE achieved sixth place globally in the GNI Index, in the UNDP Human Development Index Report 2024.