Abu Dhabi’s non-oil economy expands 7.7% in Q3; 8.6% in first 9 months of 2023

Abu Dhabi, Dec. 29 (BNA): The Statistics Centre – Abu Dhabi (SCAD) has reported a substantial 7.7 percent growth in the real non-oil GDP of Abu Dhabi during the third quarter of 2023, in comparison to the same period in 2022.

 

According to Emirates News Agency (WAM), this growth is attributed to the success of Abu Dhabi’s comprehensive strategies aimed at fortifying its standing as a prominent economic powerhouse.

 

Preliminary estimates released by SCAD reveal that most of non-oil activities have sustained growth rates, contributing 52.8 percent to the overall economy. Despite fluctuations in the oil and gas global markets, the Abu Dhabi’s economy continues to exhibit promising prospects.

 

Marking a significant milestone, the emirate’s economy reached its highest quarterly value at AED290.5 billion, posing a positive growth of one percent in real gross domestic product during Q3- 2023 compared to the same quarter the previous year, despite the decline in oil prices.

 

The statistical results indicate a 2.8 percent growth in real GDP over the first nine months of 2023 compared to the same period last year, and a robust 8.6 percent expansion in non-oil activities during the same timeframe.

 

Manufacturing activities, which is a leading non-oil activity, reached a value of AED26.3 billion, contributing over 17% to the non-oil GDP and 9% to the overall GDP in the third quarter of 2023. This underscores the continued success of diversification initiatives, including the Abu Dhabi Industrial Strategy (ADIS) aiming to strengthen the Emirate’s position as the region’s most competitive industrial hub, and the rapid growth of non-oil activities in the Emirate.

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In a parallel development, construction activity maintains a positive momentum, achieving a growth rate of 14.3% during the third quarter of 2023 compared to the same period in 2022. The value of construction activity reached AED25 billion, contributing more than 16.3% to the non-oil GDP and 8.6 percent to the total economy during the third quarter of 2023.

 

Statistical estimates released by the Statistics Centre – Abu Dhabi highlight growth across most non-oil sectors, including the transport and storage sector, achieving a remarkable growth rate of 20 percent in the third quarter of 2023 y/y, surpassing growth rates in previous quarters. This surge can be attributed to the substantial expansion of the shipping container market and the increased volume of flights and passengers.

 

In the same context, financial and insurance activities experienced a growth of 14.4 percent during the third quarter of 2023 compared to the same period last year. This growth elevated the value of the sector to AED18.7 billion, contributing 6.4 percent to the emirate’s gross domestic product during this period.

 

The robust economic growth experienced by the Emirate of Abu Dhabi had a notable impact on foreign investment which witnessed a significant 9.7 percent increase in total foreign investments throughout 2022, surpassing an impressive value of AED831 billion.

 

Amidst varying economic performances across the Middle East and North Africa region during this period, the Emirate of Abu Dhabi emerged as one of fastest growing economies in 2022 and first nine month of 2023. This outcome underscores the Emirate’s distinguished position, affirming its competitiveness and its attractive investment climate while maintaining a resilience and proactive approach to fostering a thriving economic landscape.

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