normal
4.7% for non-oil sectors
July 16, 2024
10:56
Abu Dhabi’s GDP grew by 3.3% in the first quarter
Abu Dhabi: “The Gulf”
The Statistics Center – Abu Dhabi announced statistical estimates showing a 3.3% increase in the gross domestic product of the Emirate of Abu Dhabi in the first quarter of 2024 compared to the first quarter of 2023, thanks to the excellent performance of the non-oil economy. activities.
According to estimates, non-oil GDP will grow by 4.7% in the first quarter of 2024, driven by growth in non-oil economic activities, which saw excellent activity in the transport, building and construction sectors, financial activities and accommodation and food. activities, reflecting the impact of the emirate’s government’s economic diversification policies.
According to statistical estimates announced by the center, the contribution of non-oil activities to the overall economy of the emirate reached the highest level of 54.1% since 2015, as the quarterly value of the non-oil economy exceeded its highest level at 154.7 billion. dirhams reaching a value in the first quarter of 2024. The total of the Emirate’s economy (oil and non-oil) reached 286 billion dirhams during this period.
In this context, Ahmed Jassim Al Zaabi, President of Economic Development Abu Dhabi, said: “Abu Dhabi’s economy continues to achieve a strong performance, which confirms its flexibility and vitality to face the global challenges affecting the economy and different sectors. “Our leadership Guided by wise vision, and based on the emirate’s strong foundations, the Falcon Economy has been able to make great strides in accelerating growth and transitioning to a smart, diversified, comprehensive and sustainable economy.”
He added: “With 3.3% growth in gross domestic product and 4.7% growth in non-oil sectors, we continue our efforts to implement strategies that enhance the emirate’s position as an attractive destination for talent, business and quality investment. Achieve growth and expansion from Abu Dhabi and shape a better future for all. Our advantages as a capital city help to attract the most prominent international financial institutions to Abu Dhabi, contribute to the growth of financial activities by 9.7% and stimulate the growth of non-oil sectors, whose contribution to the gross domestic product reached 54.1. % in the first quarter of this year.”
Abdullah Gharib Al Qamzi, Acting Director General of the Abu Dhabi Statistics Center, said: “The continued growth achieved by the non-oil sectors enhances the emirate’s leadership at the local and international levels and strengthens its ability to attract foreign investment with the emirate’s success in providing a competitive investment environment, which It is reflected in the performance of key activities such as construction, whose contribution to the overall economy of the emirate was 8.8%, with a total value of more than 25 billion dirhams. The emirate continues to be an attractive and influential economic center to strengthen the position, increasing the gross domestic product, increasing non-oil exports and increasing the contribution of the tourism sector to the gross domestic product, an effort that focuses on economic, social and investment aspects.
According to statistical estimates, the construction sector had a growth rate of 9.5% in the first quarter of 2024, compared to the same period last year, and achieved the highest contribution percentage to the overall economy of the emirate in the last five years. 8.8%, reflecting the attractiveness of the sector for local and foreign investment. This has been clearly seen in the significant quarterly growth achieved by the sector over the last ten years, which coincides with the increase in numbers. Real estate units in the Emirate more than 754 thousand units, a growth rate of 66% according to the results of the population census of the Emirate of Abu Dhabi, since 2011.
The results indicate that financial and insurance activities achieved a growth of 9.7% in the first quarter of 2024, compared to the first quarter of last year, and contributed 7% to the emirate’s gross domestic product, reflecting the success of the Falcon economic policy. and the emirate’s position as a capital city. The added value of this sector has increased by 39% in the last ten years, reaching 20 billion dirhams in the first quarter of 2024.
On the other hand, communication activities and accommodation and food activities achieved growth of 5.9% and 6.2%, respectively, in the first quarter of 2024 compared to the first quarter of last year, which reflects the success of the emirate’s efforts to increase. The total gross domestic product, including the tourism sector, and the transport and storage activity showed a growth of 14.4% in the first quarter of 2024 compared to the same quarter of 2023.
The growth rate of manufacturing activities reached 1.7% in the first quarter of 2024 compared to the same period last year, and this sector contributed 8.7% to the emirate’s gross domestic product, whose total value for the quarter reached more than 24.8 billion dirhams. at the same time, achieving a 102% increase in ten years, which reflects the emirate’s great interest in this sector.
It is worth noting that the economy of the Emirate of Abu Dhabi has achieved an exceptional growth rate in recent times thanks to the strategies adopted by the emirate, with the aim of improving economic diversification, developing the industrial sector and encouraging foreign investment. that the non-oil GDP exceeds 9.1% in 2023.