Sharjah 24 – WAM: Abdullah bin Touq Al Marri, UAE Minister of Economy, announced that preliminary data for the UAE's 2023 GDP reflects positive growth across various key sectors, as reported by the Federal Competitiveness and Statistics Centre.
In 2023, the UAE’s GDP reached AED 1.68 trillion at constant prices, a 3.6% increase from 2022. The non-oil GDP also saw significant growth, reaching AED 1.25 trillion, marking a 6.2% rise from the previous year.
“These figures solidify the UAE’s position as the fifth-largest economy globally in terms of real GDP growth index,” Al Marri stated. “Moreover, the UAE ranks among the top 10 economies globally across various competitiveness indicators tied to GDP.”
He praised the exceptional performance of the national economy 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. The results highlight the UAE’s progress towards the 'We the UAE 2031' vision, which aims to boost the country’s GDP to AED 3 trillion within the next decade, fostering a diverse and innovative economic model.
By the end of 2023, non-oil sectors contributed 74.3% to the UAE’s GDP, a record-breaking growth of 2.5% from 2022. This milestone supports the country’s developmental goals and fosters a diversified, sustainable national economy.
Al Marri emphasized the implementation of resilient and ambitious economic policies and legislation to tackle global challenges. Strategic plans promoting economic diversification and supporting emerging sectors have bolstered the UAE’s economic position regionally and globally.
Hanan Mansoor Ahli, Executive Director of the Competitiveness Sector at the Federal Competitiveness and Statistics Authority, highlighted the success of various economic sectors in implementing wise leadership directives. These directives prioritize economic diversification, drive investments, and attract capital, entrepreneurs, and innovative projects.
“Our national economy is steadily advancing towards achieving further growth and significant outcomes across various levels,” Ahli said. “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, financial activities and insurance led the growth with a 14.3% increase, ranking first among the fastest-growing sectors in the UAE’s GDP. Transport and storage activities followed with an 11.5% GDP growth, driven by a significant rise in airport passengers. International visitors totaled approximately 31.5 million, a 25% increase from 2022.
Construction and building activities saw an 8.9% growth, the highest in the past decade, while real estate activities grew by 5.9%. The residency and food services sector grew by 5.5%, reflecting the remarkable increase in international visitors, with hotel guests totaling 28 million, an 11% rise from 2022.
At current prices, the GDP reached AED 1.88 trillion in 2023, recording a growth rate of 2.3%. Non-oil GDP at current prices amounted to AED 1.43 trillion, achieving a growth rate of 9.9% and an increase of AED 128 billion from 2022.
The UAE further strengthened its position among the top 10 countries 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.
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