UAE Non-Oil Business Activity Surges to Nine-Month High in December

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 The United Arab Emirates' non-oil private sector recorded its fastest expansion in nine months in December 2024, buoyed by strong domestic demand and increased business activity, according to the latest S&P Global Purchasing Managers’ Index (PMI) report. PMI Highlights Robust Growth The seasonally adjusted UAE PMI climbed to 55.4 in December from 54.2 in November, signaling robust growth well above the 50.0 threshold that separates expansion from contraction. This marked the third consecutive monthly increase, underscoring sustained recovery in the non-oil sector. Key drivers of growth included a notable rise in new business activity. The new orders subindex rose sharply to 59.3 in December from 58.0 in the previous month, reflecting strong domestic demand. Challenges Amid the Growth While domestic demand flourished, export growth slowed, with the export orders subindex dropping to a seven-month low. Additionally, businesses faced mounting backlogs due to capacity constraints,...
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UAE’s Ministry of Economy confirmed that the country is among the top 5 countries to achieve positive growth rates in the real economic growth index

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According to His Excellency Abdullah bin Touq Al Marri, Minister of EconomyAbdullah bin Touq Al Marri, Minister of Economy, the country’s GDP grew by 3.6 percent (AED 1.68 trillion) in 2023, compared to 2022. 

Meanwhile, constant prices in the non-oil GDP sector grew by 6.2 percent (AED 1.25 trillion) compared to 2022. Moreover, His Excellency Bin Touq explained that this percentage of the non-oil sector’s contribution to the state’s GDP reached 74.3 percent by the end of 2023, achieving a growth of 2.5 percent compared to 2022, making it the first in history.

Overall, the statistics rank the country among the top 10 economies in the world in a set of global competitiveness indicators related to domestic product. 

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