The UAE’s 2023 GDP grew by 3.6% from 2022, reaching Dh1.68 trillion at constant prices, according to Minister of Economy Abdullah bin Touq Al Marri. The non-oil GDP increased by 6.2% to Dh1.25 trillion, contributing 74.3% to the total GDP, up 2.5% from 2022.
“These figures solidify the UAE’s position as the fifth-largest economy globally in terms of real GDP growth index,” he added. “Moreover, the UAE ranks among the top 10 economies globally across various competitiveness indicators tied to GDP.”
“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 Dh3 trillion within the next decade and foster a shift towards a new economic model centred around diversity and innovation.”
Fastest growing sectors
In 2023, various economic sectors recorded substantial growth, including in financial activities and insurance, which led the way with a growth of 14.3%, ranking first among the fastest-growing sectors in the UAE’s GDP. Transport and storage activities followed, achieving a GDP growth of 11.5%, driven by a significant increase in airport passengers. The total number of international visitors reached approximately 31.5 million, marking a 25% increase as compared to 2022.
Similarly, construction and building activities witnessed an 8.9% growth, the highest in the past decade, while real estate activities achieved a growth rate of 5.9%. Residency and food services sector grew by 5.5%, reflecting the remarkable increase in international visitors in 2023. Hotel guests totalled 28 million, an 11% increase as compared to 2022.
At current prices, the GDP has reached Dh1.88 trillion in 2023, recording a growth rate of 2.3%. Non-oil GDP, also at current prices, amounted to Dh1.43 trillion, achieving a growth rate of 9.9% and an increase of Dh128 billion as compared to 2022. A
long 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.
