UAE GDP Reaches Dh1.776 Trillion as Non-Oil Sector Surges 6.2%

The UAE’s Gross Domestic Product (GDP) reached Dh1.776 trillion at constant prices in 2023, representing a 3.6% growth compared to the previous year. Data released by the Federal Competitiveness and Statistics Centre (FCSC) confirms that the expansion was primarily driven by non-oil sectors, which now account for the majority of the nation’s economic output. Non-Oil Sectors Drive Expansion Non-oil GDP reached Dh1.25 trillion, marking a 6.2% increase over 2022 figures. This sector’s contribution to the total economy has risen to 70.4%, up from previous years. Financial and insurance activities emerged as the fastest-growing segment, recording a 14.3% increase and contributing 9.1% to the national GDP. Transport and storage followed with a growth rate of 11.5%, while the construction and building sector expanded by 8.9%. Real estate activities saw a 5.9% increase, reflecting sustained demand across residential and commercial markets in the Emirates. Strategic Diversification Gains The latest figures indicate a decisive shift in the UAE’s economic structure. Wholesale and retail trade remain a cornerstone of the economy, contributing 11.3% to the total GDP. Manufacturing activities…