Construction and building activities in the UAE experienced a growth rate of 6.2 pct during the first quarter of this year compared with the same period last year, according to the preliminary estimates issued by the Federal Competitiveness and Statistics Centre (FCSC), which is a federal government authority reporting to UAE cabinet.
This growth reflects the several development projects initiated by the UAE government in early 2024. The sector saw a substantial rise in the government’s public capital expenditures, reaching USD 1.31 bln, said a Wam news agency report quoting the data.
The UAE’s real GDP reached USD 117.07 bln in Q1 2024, recording a remarkable growth of 3.4 pct compared to the same period in 2023, according to the FCSC estimates.
The non-oil GDP grew by 4 pct compared to the same period last year, a Wam news agency report said.
Construction and building activities contributed 11.8 pct and real estate activities 7.1 pct.to the non-oil GDP. Trade activities made the largest contribution to the non-oil GDP, accounting for 16.1 pct of the total. Manufacturing activities come in second at 14.6 pct, with financial and insurance activities ranking third at a rate of 13.4 pct.
