Image: Kamil Rogalinski via Unsplash
Abu Dhabi’s non-oil GDP increased by 4.7% in Q1 2024 driven by growth across all non-oil economic sectors, Economy Middle East reported citing data from the Statistics Centre – Abu Dhabi (SCAD).
Abu Dhabi achieved a new milestone, with non-oil activities contributing a remarkable 54.1% to the overall economy, the highest level since 2015. The quarterly value of the non-oil economy reached AED 154.7 billion, surpassing previous records. The total value of the emirate’s economy, including both oil and non-oil sectors, was AED 286 billion during this period, the report says.
The transportation, construction, financial activities, and accommodation and food sectors showed the greatest performance, reflecting the government’s economic diversification policies.
‘Our economy continues to deliver consistent, stellar growth, reaffirming its resilience and dynamism to navigate headwinds and global challenges impacting all economies and sectors’, said Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development.
“With a 3.3% rise in total GDP and a 4.7% increase in the non-oil economy in the first three months of 2024, we are forging ahead with our strategies to cement Abu Dhabi’s position as a global magnet for outstanding talents, businesses, and investments to grow and expand from the emirate and shape a brighter future for all.’
The top-performing sectors included construction, which grew by 9.5% in Q1 2024 compared to the previous year and contributed 8.8% to the overall economy, the highest in five years. This sector saw consistent quarterly growth of 22.6% over the past decade, with real estate units in the emirate totalling 754,555 since 2011.
The finance and insurance sector achieved a 9.7% growth, contributing 7% to the emirate’s economy. The value added by this sector increased by 39% over the past decade, reaching AED 20 billion in Q1 2024.
Additionally, the telecommunications, accommodation, and food sectors grew by 5.9% and 6.2%, respectively, highlighting efforts to enhance tourism’s contribution to GDP. Transport and storage activities rose by 14.4% compared to last year.
Manufacturing grew by 1.7% in Q1 2024, contributing 8.7% to the GDP. Its total quarterly value exceeded AED 24.8 billion, a 102% increase over the past decade.
