Abu Dhabi GDP Sees 3.3% Growth in Q1 2024, Report Statistics Centre

Post by : Elena Malik

Photo : Abu Dhabi Media Office

The Statistics Centre - Abu Dhabi (SCAD) has unveiled statistical estimates indicating a 3.3% growth in Abu Dhabi's gross domestic product (GDP) during the first quarter of 2024 compared to the same period in 2023. This growth has been largely driven by the robust performance of non-oil economic activities.

Key sectors such as transportation, construction and building, financial activities, and accommodation and food services have shown significant growth, contributing to the overall expansion of the non-oil GDP by 4.7% in Q1 2024. This marks a positive trend reflecting the success of Abu Dhabi's economic diversification policies.

The share of non-oil sectors in Abu Dhabi's economy reached a notable milestone, accounting for 54.1% of the total GDP, the highest since 2015. Specifically, the non-oil economy surged to AED 154.7 billion in Q1 2024, contributing substantially to the emirate's overall GDP, which reached AED 286 billion.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), emphasized the resilience and dynamism of Abu Dhabi's economy amidst global challenges. He highlighted the leadership's vision in fostering a smart, diversified, inclusive, and sustainable economy, positioning Abu Dhabi as a global hub for talent, businesses, and investments.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel 

The growth trajectory includes a 9.7% increase in financial activities, underscoring Abu Dhabi's role as a financial powerhouse and "Capital of Capital." Investments in sectors like construction, which saw an 8.8% growth and surpassed AED 25 billion, reflect the emirate's attractiveness to foreign investors.

Acting Director General of SCAD, Abdulla Gharib Alqemzi, noted the strategic importance of non-oil sectors in enhancing Abu Dhabi's international competitiveness. He highlighted sectors like construction, telecommunications, accommodation, food services, and manufacturing, all showing robust growth rates contributing significantly to the GDP.

Construction activities recorded a 9.5% growth, marking the highest contribution to the economy in five years, driven by ongoing real estate developments. Meanwhile, finance and insurance activities grew by 9.7%, reinforcing Abu Dhabi's financial stability and growth potential.

Other sectors, including telecommunications, accommodation, food services, transport, and manufacturing, also posted impressive growth rates, reflecting the emirate's concerted efforts to diversify its economic base and strengthen its position in global markets.

Abu Dhabi's sustained economic growth is a testament to its strategic initiatives aimed at economic diversification, industrial development, and fostering an investor-friendly environment. These efforts have propelled the non-oil GDP, demonstrating resilience and vitality in challenging global economic landscapes.

#trending #latest #AbuDhabi #GDPGrowth #EconomicDevelopment #NonOilSector #StatisticsAbuDhabi #EconomicDiversification #FinancialActivities #ConstructionSector #Telecommunications #Manufacturing #UAEconomy #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #bestnewschanneldubai #bestnewschannelUAE #bestnewschannelabudhabi #bestnewschannelajman #bestnewschannelofdubai #popularnewschanneldubai