The UAE is one of the fastest growing economies in the world, with GDP reaching more than $457bn last year after a “remarkable” performance, according to a Government minister.

Furthermore, the non-oil GDP reached AED1.25tn ($340.3bn), reflecting a 6.2 per cent growth compared to 2022.

He said: “These figures solidify the UAE’s position as the fifth-largest economy globally in terms of real GDP growth index. Moreover, the UAE ranks among the top 10 economies globally across various competitiveness indicators tied to GDP.

“The national economy continues to demonstrate remarkable performance under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

“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 AED3tn ($816.8bn) within the next decade and foster a shift towards a new economic model centred around diversity and innovation.”

Abdullah bin Touq said that by the end of 2023, the contribution of non-oil sectors to the country’s GDP reached 74.3 per cent, marking a record-breaking growth of 2.5 percent as compared to 2022. This milestone supports the UAE’s developmental objectives and fosters a diversified and sustainable national economy.

Transport and storage activities followed, achieving a GDP growth of 11.5 per cent, driven by a significant increase in airport passengers.

The total number of international visitors reached approximately 31.5m, marking a 25 per cent increase as compared to 2022.

Similarly, construction and building activities witnessed an 8.9 percent growth, the highest in the past decade, while real estate activities achieved a growth rate of 5.9 percent.

At current prices, the GDP has reached AED1.88tn ($511.9bn) in 2023, recording a growth rate of 2.3 per cent.

Non-oil GDP, also at current prices, amounted to AED1.43tn ($389.4bn), achieving a growth rate of 9.9 per cent and an increase of AED128bn ($34.8bn) as compared to 2022.

Along 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.

Abu Dhabi has the fastest-growing economy in the Middle East and GDP growth is at a nine-year high.