Abu Dhabi records six-year high GDP expansion
Abu Dhabi’s quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022, jumping to 11.7 percent compared to the same quarter last year.
The emirate’s economy topped 543 billion dirhams ($147.9 billion) at the end of the six-month period, the Abu Dhabi Media Office said citing data issued by the Statistics Centre – Abu Dhabi (SCAD).
Read more: Abu Dhabi achieves significant growth in non-oil GDP in 2021
The value of the non-oil sector’s contribution to the GDP increased by 28.4 billion dirhams compared to the same period last year to reach 273 billion dirhams in total.
Mining and quarrying activities, which include the oil & gas sector, accounted for nearly half of the GDP. Other key sectors include manufacturing, which accounted for 8.1 percent of the activity and expanded 10.2 percent year-on-year, while construction made up 7.7 percent and grew 6.9 percent. The strongest growth rate was recorded by the health and social work sector which expanded by 29.9 percent.
Earlier this week, the International Monetary Fund (IMF) projected the UAE to grow at over 6 percent driven by a strong rebound in domestic activity and higher oil prices.
Moreover, the Emirates’ near-term economic growth is forecast to be strong, underpinned by a rebound in domestic activity, while elevated oil prices support high surpluses in the fiscal and external balances. Inflationary pressures are expected to moderate gradually, the IMF said.