UAE GDP Overview 2024
The UAE’s nominal GDP reached approximately AED 1.87 trillion (USD 509 billion) in 2024, consolidating the country’s position as the second-largest Arab economy. Real GDP growth for the full year registered at 3.9%, supported by non-oil sector expansion and sustained public investment programmes.
This figure reflects a continued recovery trajectory following the post-pandemic rebound, with hydrocarbon output stabilising under OPEC+ production agreements while non-oil GDP accelerated at 5.1% year-on-year.
Quarterly GDP Performance
| Quarter | Nominal GDP (AED bn) | Real Growth (% YoY) | Non-Oil Growth (% YoY) |
|---|---|---|---|
| Q1 2024 | 458.2 | 3.6 | 4.8 |
| Q2 2024 | 471.5 | 4.1 | 5.3 |
| Q3 2024 | 476.8 | 4.0 | 5.2 |
| Q4 2024 | 463.1 | 3.8 | 5.0 |
Sectoral Contributions to GDP Growth
Non-oil sectors drove the majority of output expansion. Financial services, technology, and tourism collectively accounted for over 60% of incremental GDP growth, reflecting the structural diversification underway. Oil and gas contributed approximately 17.6% of total GDP, down from 21.4% in 2020.
| Sector | Contribution to GDP (%) | Growth Rate (%) |
|---|---|---|
| Oil & Gas | 17.6 | 1.2 |
| Financial Services | 13.1 | 6.4 |
| Real Estate & Construction | 13.8 | 4.7 |
| Technology & Digital | 8.4 | 11.2 |
| Tourism & Hospitality | 7.2 | 8.8 |
| Manufacturing | 10.2 | 5.1 |
| Transport & Logistics | 8.1 | 4.3 |
GDP Forecast 2025-2031
The IMF projects UAE real GDP growth of 4.2% in 2025, rising to 4.5% by 2027 as OPEC+ production quotas gradually ease and non-oil sectors maintain momentum. The federal government targets nominal GDP of AED 3 trillion by 2031 under the We the UAE framework.
| Year | Projected Real GDP Growth (%) | Projected Nominal GDP (AED tn) |
|---|---|---|
| 2025 | 4.2 | 1.96 |
| 2026 | 4.3 | 2.08 |
| 2027 | 4.5 | 2.22 |
| 2031 | 5.0 (target) | 3.00 (target) |