Non-oil sector contributes 74.6% to UAE’s real GDP

UAE’s Non-Oil Sector Powers 3.8% GDP Growth, Strengthening Economic Diversification

The non-oil sector in the UAE drives 3.8% GDP growth, enhancing economic diversification. According to recent economic data issued by the Ministry of Economy, the UAE’s real GDP increased by 3.8% in the first nine months of 2024 compared to the same period in 2023, hitting Dhs1.3 trillion.

With a 4.5% increase and a total value of Dhs987 billion, the non-oil sector has played a significant role in this expansion. Further evidence of the UAE’s ongoing achievement in diversifying its economy beyond oil can be found in the fact that non-oil activities currently account for 74.6% of its real GDP, while oil-related industries comprise 25.4%. Some of the industries that are heavily influencing the country’s economic environment include trade, tourism, financial services and technology.

Diversification and strategic growth of the economy
According to Abdullah bin Douk Al Marri, Minister of Economy, the UAE’s economic resilience is a direct result of aggressive measures aimed at diversifying revenue streams, attracting international capital and promoting an innovative business environment. According to a recent statement by WAM, the nation has been dedicated to creating a dynamic economic model that complies with international standards and successfully adjusts to changes in the global financial system.

Future Vision: ‘We the UAE 2031’
The UAE’s long-term economic strategies are in sync with the ‘We the UAE 2031’ vision, which aspires to boost the country’s GDP to Dhs3 trillion over the next decadeThe government is enhancing economic rules, fortifying international trade alliances, and promoting itself as an excellent location for business expansion in order to accomplish this ambitious objective.

External issues including changes in the price of oil globally, inflationary pressures, and geopolitical concerns still present dangers even in the face of robust non-oil growth. Nonetheless, it is anticipated that government-led programs in entrepreneurship, renewable energy, and technology will keep the economy growing.

One of the fastest-growing economies in the world thanks to its consistent expansion, the UAE’s economy is expected to continue to develop by 2025 as a result of the continued prosperity of commerce, tourism, and foreign investment.