ABU DHABI – The United Arab Emirates’ economy grew 3.4% in the first quarter of 2024 compared with the same period the precious year, according to preliminary government estimated reported by the state news agency WAM on Monday.
The UAE’s gross domestic product reached 430 billion dirhams ($117 billion) in Q1, with non – oil GDP growing 4% year-on-year during the period, WAM reported, citing figures from the Federal Competitiveness and Statistics Center.
Trade activities, manufacturing, and financial and insurance services were among the biggest contributors to non – oil GDP, according to the report.
The UAE, one of the world's biggest oil exporters, has been increasingly focused on diversifying economic sectors and revenue sources away from hydrocarbons, and is seen as the Gulf regions’ tourism and commercial hub.
The International Monetary Fund said earlier this year that economic growth in the Gulf state was broad-cased, and driven by solid domestic activity in sectors such as tourism, construction and financial services.
The Fund forecast GDP growth in 2024 at 4% higher than the 3.5% projected in its last Regional Economic Outlook report published in April.
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