Diversification is paying off, as Abu Dhabi’s non-oil economy expanded by 9.1% in 2023 compared to the previous year, while real GDP increased by 3.1%.

The most recent report from the Statistics Centre – Abu Dhabi states that the emirate’s GDP reached Dh1.14 trillion, its highest performance in terms of value in ten years. This has happened “despite obstacles and worldwide market oscillations that impact all industries and regions worldwide.”

The industrial, financial, and tourism sectors all made substantial contributions, in addition to FDI in the private sector to create new job opportunities.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, stated “The stunning performance of our Falcon Economy over the times proved the effectiveness of Abu Dhabi’s visionary approach to address the ever-changing dynamics of the global economy.”

In Q4 2023, growth in the economy was a superb 4.1 percent.

The construction industry expanded by 13.1% in 2023, adding more than Dh97 billion in value—the most in ten years—and thereby 8.5 percent to the GDP. Eighteen percent of the total, or Dh101 billion, was the added value of manufacturing activities.

It became the biggest non-oil contribution to the GDP overall as a result.

With a GDP contribution of more than 6.9%, the finance and insurance sector activities had the largest growth rate, at 25.5%, and their best performance in terms of value, at Dh79 billion.

 

Source Gulf News 2nd March

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