Abu Dhabi's GDP Grows by 4.1% in Q2 2024, Reports Statistics Centre

Photo : Abu Dhabi Media office

The Statistics Centre  Abu Dhabi (SCAD) has announced preliminary estimates indicating a robust 4.1% growth in the emirate's gross domestic product (GDP) for the second quarter of 2024, compared to the same period last year. This growth is primarily attributed to the ongoing expansion of non-oil sectors, which highlights the effectiveness of Abu Dhabi's economic diversification strategies.

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According to the estimates, Abu Dhabi's GDP for Q2 2024 reached a record AED 297 billion, demonstrating the emirate's economic resilience. The growth of the non-oil economy during the first half of 2024 saw an impressive increase of 5.7%, leading to an overall economic growth of 3.7% when compared to the first half of 2023.

In detail, the non-oil sector witnessed a significant surge, with non-oil GDP climbing by 6.6% in Q2 2024 to reach AED 164.2 billion. This growth marked the non-oil sector's contribution to the emirate's economy surpassing 55.2%, the highest share since late 2014.

His Excellency Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), emphasized that the strong performance of the economy reflects its resilience and adaptability to global economic shifts. He noted that the ongoing economic diversification efforts are transforming Abu Dhabi into a thriving economic powerhouse, attracting both local and international talent, businesses, and investments.

Al Zaabi highlighted the importance of fostering a vibrant and competitive entrepreneurial ecosystem to create opportunities for all residents and businesses. He stated, “As we move to the next phase of development, our soaring 'Falcon Economy' is leveraging advanced technologies to accelerate economic growth while placing human development and sustainability at the core of our initiatives.”

Abdulla Gharib Alqemzi, Director General of SCAD, elaborated on the statistical estimates, pointing out that sectors like manufacturing, construction, and finance made significant contributions to the GDP. He noted that these sectors achieved their highest quarterly values, which helped push the non-oil GDP to AED 164.2 billion—up from AED 154 billion in the same period last year. This growth underscores Abu Dhabi's ability to navigate global challenges and positions the emirate as a hub for sustainable investment.

Looking into specific sectors, construction activities experienced notable growth, rising by 11.5% in Q2 2024 compared to the same quarter last year, with a value of AED 27.5 billion. This surge elevated the sector's contribution to GDP to 9.3%, the highest level since 2015.

Manufacturing also saw positive growth, expanding by 2.6% in the second quarter of 2024, with its value reaching AED 26.8 billion, accounting for 9% of the emirate's GDP. Meanwhile, the finance and insurance sector demonstrated remarkable growth, with a 13.4% increase, contributing 7.4% to the GDP and reaching a peak value of AED 22 billion.

The wholesale and retail trade sector contributed significantly as well, growing by 3.3% in Q2 2024, amounting to AED 16 billion, which represented 5.5% of the GDP. Furthermore, transportation and storage activities surged by 15.2%, with a value of AED 7 billion, while real estate activities increased by 5.5% to reach AED 10 billion, contributing 3.4% to the GDP.

The information and communication sector achieved a record value of AED 8.5 billion, marking a 4.4% increase compared to the same period last year, contributing 2.8% to the total GDP of the emirate.

Overall, Abu Dhabi’s non-oil economy has shown significant momentum, with a quarterly increase of 4.7% in Q1 2024 and a 9.1% annual surge in 2023, driven by growth across key sectors such as industry, finance, and construction. This positive trajectory illustrates the emirate's commitment to sustaining economic growth while diversifying away from oil dependency.

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