Abu Dhabi’s non-oil economy expands 8.6% in 9 months of 2023 – News

Abu Dhabi achieved 2.8 percent growth in real GDP during the first nine months of 2023 compared to the same period last year, and a solid 8.6 percent expansion in non-oil activities during the same period.

According to the Statistics Center Abu Dhabi (SCAD), the capital recorded 7.7 percent growth in real non-oil GDP during the third quarter of 2023, compared to the same period in 2022.

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

Marking a major milestone, the emirate’s economy reached its highest quarterly value of Dh290.5 billion, recording a positive growth of one percent in real gross domestic product during the third quarter of 2023 compared to the same quarter of the previous year , despite the fall in oil. prices.

“Supported by ongoing strategic diversification programs, growing private sector participation and initiatives to attract more FDI and quality FDI, Abu Dhabi is consolidating its status as a preferred destination for talent, investment and business. “We remain committed to continually and proactively improving our vibrant and globally competitive entrepreneurial ecosystem to create lasting opportunities for all, enabling them to achieve their full potential, while placing human development and sustainability at the center of our socio-economic strategies,” he stated. . Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development.

Abdulla Gharib Alqemzi, acting director general of SCAD, said the statistical indicators for the third quarter reflect the economic resilience of the emirate and show steady growth since the second quarter of 2021. “This growth is attributed to the expansion of non-oil activities , mitigating the impact of the global slowdown in oil-related activities. “The statistical figures confirm the emirate’s proactive efforts to diversify the economy and promote the growth of non-oil sectors.”

Manufacturing activities, which is one of the main non-oil activities, reached a value of Dh26.3 billion, contributing more than 17 percent to the non-oil GDP and 9 percent to the overall GDP in the third quarter of 2023. This underlines the continued success of diversification initiatives, including the Abu Dhabi Industrial Strategy (ADIS), which aims to strengthen the Emirate’s position as the most competitive industrial hub in the region, and the rapid growth of non-oil activities in the Emirate.

In parallel, construction activity maintains positive momentum, achieving a growth rate of 14.3 percent during the third quarter of 2023 compared to the same period in 2022. The value of construction activity reached 25,000 million dirhams, contributing more than 16.3 percent of non-oil GDP and 8.6 percent of the total economy during the third quarter of 2023.

The transportation and storage sector achieved a remarkable growth rate of 20 percent in the third quarter of 2023 year-on-year, surpassing the growth rates of previous quarters. This increase can be attributed to the substantial expansion of the sea container market and the increased volume of flights and passengers.

Financial and insurance activities saw a growth of 14.4 percent during the third quarter of 2023 compared to the same period last year. This growth raised the value of the sector to Dh18.7 billion, contributing 6.4 percent to the emirate’s gross domestic product during this period.

The strong economic growth experienced by the emirate of Abu Dhabi had a notable impact on foreign investment, which saw a significant increase of 9.7 percent, surpassing an impressive value of Dh831 billion.

[ad_2]