UAE’s GDP grows 3.8% in first quarter to $114bn

The UAE’s economy grew by 3.8 per cent in the first quarter of 2023 to $114bn (Dhs418.3bn) compared to the prior-year period, according to the latest data from the Federal Center for Competitiveness and Statistics, as non-oil activities boosted overall growth. Non-oil GDP totalled Dhs312bn, a 4.5 per cent increase or Dhs13.5bn growth. The latest data confirm the UAE’s unwavering efforts to promote the growth of non-oil economic sectors and transition to an economic model based on knowledge and innovation. The contribution of the transport and storage sector to the GDP in Q1 2023 amounted to Dhs21.8bn up 10.9 per cent compared to the same period in 2022. This is followed by the construction sector with a 9.2 per cent growth compared to the same period in 2022, to total Dhs36.3bn.