The latest data from the Federal Competitiveness and Statistics Centre indicates a positive trajectory in the economy, with a year-on-year GDP growth of 5.1%. This growth signifies a robust economic environment that continues to thrive, even amid fluctuating global circumstances.

Strong Non-oil Sector Growth

Non-oil industries have been instrumental in driving this expansion, with a remarkable 6.1% growth, surpassing the Dh1 trillion mark. This trend underscores the country’s commitment to fostering a diverse economic framework that lessens dependence on oil revenues.

Financial and insurance sectors have witnessed the most significant growth, soaring by 9%. Additionally, construction activities increased by 8.7%, while the real estate and manufacturing sectors grew by 7.9% and 6.9%, respectively. Notably, wholesale and retail trade emerged as the most substantial contributor to non-oil activities, accounting for 16.1% of the sector, followed closely by manufacturing at 13.9%. Financial services and construction contributed 13.5% and 11.9% respectively to the non-oil output.

Structural Resilience and Domestic Demand

The broad-based growth across various sectors illustrates the economy’s structural resilience. This expansion is supported by sustained domestic demand, underpinned by investments and infrastructure projects, as well as the flourishing private sector.

Not only does this growth reflect a stable economic environment, but it also sets the stage for continued development, allowing the country to navigate global uncertainties effectively. With a solid foundation in non-oil sectors, the UAE is well-equipped to face the challenges posed by international economic shifts.

In summary, the current economic landscape shows a promising trajectory propelled by non-oil sectors and a diverse economic structure. The emphasis on growth in various industries not only enhances stability but also positions the nation favorably for future prospects. This encouraging data is a testament to the effective strategies implemented to foster economic diversification, ensuring that the UAE remains resilient amid changing global dynamics.