UAE hits major economic growth in 2023 driven by diversification, innovation
Date
5/30/2024 8:53:22 AM
(MENAFN) His Excellency Abdullah bin Touq Al Marri, the Minister of Economy, has confirmed that the preliminary estimates for the United Arab Emirates' (UAE) gross domestic product (GDP) at constant prices in 2023, as reported by the Federal Center for Competitiveness and Statistics, indicate robust positive growth across major economic indicators and most vital sectors. The UAE's GDP at constant prices reached 1.68 trillion dirhams, marking a 3.6 percent increase from 2022.
Notably, the non-oil GDP at constant prices surged to 1.25 trillion dirhams, reflecting a substantial growth rate of 6.2 percent compared to the previous year. These achievements have positioned the UAE as the fifth fastest-growing economy globally in terms of real GDP growth and placed it among the top ten economies worldwide in several global competitiveness indicators related to domestic product.
His Excellency emphasized that the national economy's exceptional performance is a testament to the leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. The impressive results underscore the nation's progress towards the ambitious goals set forth in the "We are the Emirates 2031" vision, which aims to elevate the country's GDP to 3 trillion dirhams by the next decade and foster a new economic model grounded in diversity and innovation.
Minister Bin Touq highlighted that the contribution of non-oil sectors to the UAE's GDP reached an unprecedented 74.3 percent by the end of 2023, up 2.5 percent from 2022. This milestone, the highest in the state's history, significantly advances the UAE's development objectives and enhances the sustainability and diversification of its national economy.
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