The Emirate’s H1-2023 non-oil GDP grows by 9.2%
Abu Dhabi non-oil economic activities have maintained remarkable growth in Q2-2023, leading the value of the emirate’s real non-oil GDP to AED 154bn, the highest since 2014 to break a record registered in the first quarter of current year, where it surpassed AED 146bn.
According to preliminary estimates, the value of Abu Dhabi’s real GDP in the second quarter of 2023 reached its highest level at AED 287bn, driven by the growth of all non-oil activities, to continue the increase of its contribution to the GDP to 53.7%, which boosted the growth of the emirate’s non-oil GDP by 9.2% in the first half of 2023 compared to the same period last year.
Diversification strategy
“The continued strong performance of Abu Dhabi’s economy despite mounting challenges in the global economic landscape reaffirms success of the emirate’s diversification strategy and adaptability to markets’ shifts,” commented Ahmed Jasim Al Zaabi, Chairman, Abu Dhabi Department of Economic Development (ADDED).
“The quarterly GDP estimates substantiate this progress and show that the emirate’s economy is a competitive advantage for investors thanks to the accumulated growth that led to the increase of the total value added of the emirate’s economy to its highest level in the second quarter of 2023 at AED 287bn with significant contribution of the manufacturing, construction, and financial activities,” remarked Abdulla Gharib Alqemzi, Acting Director General, Statistics Centre Abu Dhabi.
Record Highs in Abu Dhabi’s Non-Oil Economy
Statistical estimates published also indicate an exceptional growth in the construction economic activity’s value-added for Q2 2023. This growth rate reached 19.1% year-over-year, making the highest quarterly value-added since 2014, at AED 25.3bn thanks to its projects’ ability to achieve high completion rates.
Financial sector expands at the fastest pace
According to the statistical estimates, the financial sector exhibited extraordinary growth in Q2-2023, reaching its highest growth rate since 2014 at 29.7%. The sector’s value-added has also escalated to over AED 18bn for the same quarter, a five-year high, thanks to the prudent financial and banking policies aimed at boosting Abu Dhabi’s competitive edge both locally and globally.
Additionally, the transportation and storage economic activity and the accommodation and food services activity flourished, with growth rates reaching 16.9% and 13.6%, respectively, during the second quarter of 2023 compared to the same period last year, the press statement concluded.
